
Photo: VCG
China’s transport authorities have urged cash-strapped bike-share startup Ofo to hasten deposit refunds for the hordes of users who have put in requests for them, state broadcaster CCTV says.
The authorities are closely following the situation, Transport Ministry spokesperson Wu Chungeng said, according to CCTV.
The government is speaking out after user screenshots revealed that more than 10 million people were still waiting for deposit refunds from Ofo. Hundreds of frustrated Ofo customers also gathered at the company’s headquarters in Beijing to demand that Ofo return deposits — worth around $30.
Once one of the stars of China’s bike-sharing industry, Ofo hasn’t raised money from investors since March. Ofo CEO Dai Wei said Wednesday that the company did not “correctly assess the changing external environment from the end of last year.”
Dai has been blacklisted by a Beijing court and is now barred from buying properties and even taking vacations.

