Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
China’s Tsingshan Looms Over Tesla’s $5 Billion in Indonesian Nickel Deals
Analysis: How Will Biden’s CHIPS Bill Alter the Global Landscape?
Kuaishou Dives Into Cloud Services and Chipmaking
LATEST
Analysis: How Will Biden’s CHIPS Bill Alter the Global Landscape?
Kuaishou Dives Into Cloud Services and Chipmaking
China’s Tsingshan Looms Over Tesla’s $5 Billion in Indonesian Nickel Deals
Kuaishou Sets Up New Management Committee, a Year After Massive Restructuring
Vivo Becomes Latest Chinese Smartphone-Maker Accused of Tax Evasion in India
Retailer Gome Upends E-Commerce Unit, Fires Staff
China Rolls Out Short-Message BeiDou Chip for Smartphones
China’s Game Approval List Again Leaves Out Tencent and NetEase
U.S. Expands Ban on Sales of Chipmaking Gear to China
China Semiconductor Fund Graft Scandal Widens as Another Executive Probed, Sources Say
Chinese Online Grocer Missfresh Shutters Core Business After Failing to Secure a Lifeline
Nasdaq-Traded Kingsoft Cloud Files for Dual Primary Listing in Hong Kong
Hog Cannibalism Clip Spotlights Grim Plight of China’s Pork Producers
Huawei Launches Ride-Hailing Platform in Challenge to Didi’s Dominance
China Tightens Grip on Ride-Hailing Platforms’ Data Practices
China to Start Pilot to Speed Up Online Game Approvals
Baidu, Pony.ai to Be First to Offer Driverless Robotaxis in Beijing
Chinese Biotech Duo Eyes $2.8 Billion Singapore Expansion
Huawei Steps Up Debt Financing With $593 Million Onshore Bond Sale
Geely Founder-Backed Auto Chip Startup SiEngine Raises $148 Million

by Isabelle Li / Dec 17, 2018 07:54 PM / Business & Tech

Users of yet another sharing service are having trouble getting their deposits back. 

This time it is the vehicle-sharing venture Togo that is having refund issues, local media reported Monday.

Users in Beijing, Shenzhen and Chengdu have complained that they are having unexpected difficulties getting their deposits back from the platform.

The amount of the deposit is 1,500 yuan ($218), five times more than the typical deposit for bike-sharing services in China.

Under Togo’s user agreement, the company is supposed to return user deposits within seven days of a refund request, the Beijing Daily reports. However, some users have been waiting more than two months for their refunds.

China’s internet industry embraced a shared economy boom in recent years, but several companies have suffered deposit refund problems as cash flow pressures have weighed in on these "innovative" platforms.

The scandal comes as a surprise given that Togo had just announced in October that it had raised tens of millions of dollars in its latest round of fund raising. In addition to Togo, many other car-sharing services, such as that of online services giant Meituan, have been shuttered or sold off due to financial problems, according to previous media reports.

Share this article
Open WeChat and scan the QR code