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Bike Share Company Closes after Losing 90% of Bikes

2017-06-22 ShanghaiWOWeng

Chongqing-based Wukong Bicycle appears to be the first bike share company to bite the dust.


Photo: LIanhe Zhaobao


According to various news outlets, the company announced it would be closing after it failed to locate 90% of its 1,200 bicycles.

 

Wukong’s founder Lei Houyi admitted that 90% of the company’s bikes were missing, no doubt a result of their decision not to install GPS devices in the bikes.

 

Houyi also stated that the lost bicycles cost the company more than a million yuan ($200,000 USD).



Sources:

Techweb.com.cn

http://www.straitstimes.com/asia



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