Author(s)

Nansong Zhou

Corresponding Author

Nansong Zhou

Abstract

ofo is a bicycle-sharing travel platform based on a “dockless sharing” model that is dedicated to solving urban travel problems. Users simply scan a QR code on the bicycle using WeChat or the ofo app and are then provided with a password to unlock the bike. Since its launch in June 2015, ofo has deployed 10 million bicycles, providing more than 4 billion trips in over 250 cities to more than 200 million users in 21 countries. However, negative news coverage of ofo has increased recently. In September 2018, due to missed payments, ofo was sued by Phoenix Bicycles In the same month, some netizens claimed that ofo cheats and misleads consumers. On October 27, another media outlet disclosed that the time limit for refunding the deposit was extended again, from 1-10 working days to 1-15 working days. Various indications suggest that ofo is in crisis. What happened to ofo? How did the company come to be in this situation? This paper will answer these questions.

Keywords

Ofo, Efficient Financing, Dilemma