China 's third biggest bike - sharing company , bicycle , is understood to be in financial difficulties , with users reporting an inability to get their bikes returned . The company 's offices are locked and empty , and its chairman , Li Gang , has said another bike - sharing start - up will be taking over its operations . At least three other bike - sharing companies have gone bust in bankruptcy recently , which suggests a period of consolidation in the sector is beginning .
China's third biggest bike-sharing company, Bluegogo, is understood to be in financial difficulties, with users reporting an inability to get their deposits returned. The company's offices are locked and empty, and its founder, Li Gang, has said another bike-sharing start-up will be taking over its operations. At least three other bike-sharing companies have gone bust in China recently, which suggests a period of consolidation in the sector is beginning.