Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Tech Brief (Oct. 15): Google to Invest $15 Billion in India for AI Hub
China Debuts Ultrafast Oscilloscope in Drive to Break Tech Barriers
LATEST
China Debuts Ultrafast Oscilloscope in Drive to Break Tech Barriers
Tech Brief (Oct. 15): Google to Invest $15 Billion in India for AI Hub
Tech Brief (Oct. 13): Wingtech Temporarily Loses Control of Dutch Chipmaker Nexperia
Tech Brief (Oct. 10): China’s AI Server Market Doubles
Tech Brief (Oct. 9): SoftBank to Acquire ABB’s Robotics Business
Tech Brief (Sept. 30): U.S. Widens Export Blacklist
U.S. Tightens Export Controls to Cover Subsidiaries of Blacklisted Firms
DeepSeek Unveils New Model With Sparse Attention, Slashes API Costs
Tech Brief (Sept. 29): Meituan’s Food-Delivery Platform Keeta Launches in Dubai
Chinese Chipmaker Moore Threads Gets Fast Track Approval to $1.1 Billion IPO
Chinese Drone Maker XAG Files for Hong Kong IPO After First Annual Profit
GPT Weekly: Nvidia to Invest $100 Billion in OpenAI
Tech Brief (Sept. 26): Trump Approves TikTok Deal
Xiaomi Ups the Stakes in Premium Market With iPhone-Style 17 Series
Yangtze Memory’s Parent Restructures to Pave Way for IPO Amid Sanctions Pressures
Tech Brief (Sept. 25): Alibaba Launches AI Models
Alibaba Bets Big on ‘AI + Cloud’ With New Models, Nvidia Deal
GlobalFoundries Boosts U.S. Investment, Adds China Fabs to Meet Auto Chip Demand
Tech Brief (Sept. 24): Mercedes-Benz, ByteDance Partner on In-Car AI
Tech Brief (Sept. 23): Nvidia Plans $100 Billion Investment in OpenAI for AI Data Centers

By Zhao Runhua / Dec 25, 2018 01:03 PM / Business & Tech

It’s a hard time for China’s sharing economy.

Didi can’t seem to keep its passengers safe. Ofo may be close to bankruptcy. And users all around are struggling to get their deposits back.

In the latest chapter in this unfolding drama, angry customers stormed the Beijing headquarter of Togo, one of China’s earliest players in car-sharing, to demand the return of their 1,500 yuan ($218) deposits, Sina reported

The users damaged potted plants, and attempted to take away office computers as collateral, as they suspect that many of them will not get their money back until, at best, March, as Togo only processes 15 refund requests per day.

It’s unclear how many users have filed for refunds, and there is no public information on Togo’s fiscal performance, apart from a funding round worth of tens of millions of dollars in October.

Togo provides drive-and-go car-sharing services, and promises free parking and gas refills. Togo’s available car models include the BMW Mini One and Audi A3.

Togo’s heavy expenditures on cars and operations may be a key reason for the suspicious cash crunch. The company withdrew from Nanjing in September.

Related: First Bikes, Now Cars: Startups Struggle to Refund Deposits

Share this article
Open WeChat and scan the QR code