Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Alibaba Releases New Qwen Model, Consolidates AI Office Tools
U.S. Drafts Ban on Chinese Optical Modules, Exposing Mutual Supply Chain Risks
Chinese Robotics Startup PokeBot Raises Hundreds of Millions of Dollars
LATEST
MiniMax Shares Surge After Joining Hong Kong Stock Connect
Chinese Robotics Startup PokeBot Raises Hundreds of Millions of Dollars
U.S. Drafts Ban on Chinese Optical Modules, Exposing Mutual Supply Chain Risks
Alibaba Releases New Qwen Model, Consolidates AI Office Tools
DeepSeek Releases Official V4-Flash Model as China’s AI Race Intensifies
ByteDance, MiniMax Roll Out Upgraded AI-Video Models
Zhongji Innolight Slides in Hong Kong Debut Following $7 Billion IPO
Zhongji Innolight Rebounds After Buyback Plan, Easing Jitters Ahead of Hong Kong Debut
Lenovo Capital Executive Warns of Reckoning for China’s Crowded AI-Powered Robotics Sector
U.S. Takes Aim at Chinese Robot-Makers With Sweeping Import Ban
SK Hynix’s Earnings Miss Adds to Anxiety Over AI Boom
Consumer-Electronics Makers Bet on AI Agents as Phones, Glasses Compete
Moonshot Open-Sources Kimi K3 as U.S.-China AI Tensions Intensify
TikTok Faces New EU Penalty Threat Over Children’s Safety
AgiBot Begins Hong Kong IPO Process as China’s Embodied-AI Startups Race to List
Tencent Folds Multimodal, LLM Teams Into New AI Unit
Kai-Fu Lee Says AI Will Soon Reshape Corporate Reporting and Management
Flashy Robot Demos at WAIC Mask Struggles With Real-World Deployment
Kimi K3 Demand Surge Forces Moonshot AI to Pause Sign-Ups
Chinese AI Chip Startups Look Beyond the Cloud to Edge Devices

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