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Shared Bike Specialist Ofo in 100-Day Uphill Race to Break Even

A man cycles past piles of Ofo shared bikes which are stored near a Chengdu subway station on June 6. Ofo says they are only kept there temporarily while they wait for maintenance. Photo: VCG
A man cycles past piles of Ofo shared bikes which are stored near a Chengdu subway station on June 6. Ofo says they are only kept there temporarily while they wait for maintenance. Photo: VCG

*Ofo is the only major independent bike-sharing firm left standing, after rival Mobike was acquired by group-buying giant Meituan-Dianping

*The company aims to go from a money-losing to a profit-making firm by cutting costs and diversifying its offerings, venturing into advertising and financial products

Bike-sharing startup Ofo, known for its legions of bright yellow bikes parked around major Chinese cities, has launched a crash program to transform itself from cash-burner to money earner over the next 100 days.

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