Bike-sharing startup shuts in 5 months as 90% bikes stolen
Chinese bike-sharing startup Wukong Bike has shut down just five months after launching as 90% of its 1,200 bikes were stolen. The startup reportedly incurred a loss of â¹95 lakh during this period. Wukong's Founder Lei Houyi said that the startup's bikes went missing because it had failed to install GPS devices in the cycles.