Failing To Pay Deposits, Chinese Bike-sharing Start-up Xiaoming Bike Plans Bankruptcy

Chinese consumers have another way to lose money, by paying deposits to bike sharing startups that go belly up. The latest example is Chinese bike-sharing firm Xiaoming Bike, which plans to file for bankruptcy after failing to pay back customer deposits.

China Money Network

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  1. The government must put a cap on all these wannabe startups in the same industry. There is immense overcrowding in an already over-heated business model. In fact, here in Beijing, there are 200,000 more shared bikes on the Beijing streets that have been legally permitted, yet the government does nothing to enforce their own law.