Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Huawei Speeds Up AI Chip Roadmap, Unveils Optical ‘Super Node’
China’s AI Hiring Surges as Industry Pivots to Practical Applications
Nubia Releases Second-Generation AI Phone
LATEST
China’s AI Hiring Surges as Industry Pivots to Practical Applications
Huawei Speeds Up AI Chip Roadmap, Unveils Optical ‘Super Node’
Hikvision Overhauls Compliance Process to Tackle Fragmented Foreign Regulations
Nubia Releases Second-Generation AI Phone
China Targets $4.5 Trillion Tech Manufacturing Sector by 2030
Chinese Space Startup Raises New Funds in Reusable Rocket Push
ByteDance Adds AI Agents to Feishu in Enterprise Push
Hong Kong Bets on Global Links to Win Mainland Business
Z.AI Raises $5 Billion in Share Placement, Convertible Bond Sale
Ant Group Rolls Out AI Payment Trust System to Break Agent-Commerce Bottleneck
Enflame Surges 188% in Shanghai Debut as AI Chip Boom Continues
AI Boom Could Undermine China’s Push for Consumption-Led Growth, Economists Warn
Moonshot AI Expands Enterprise Push Through IT Services Partnerships
Tech Monopolies Could Blunt AI’s Economic Gains, Warns Nobel Laureate Aghion
China’s DeepSeek Launches Smaller, Faster AI Model
In Depth: AI Distillation in China Leaves U.S. Tech Giants at Odds
Arm Lands Lenovo, ByteDance Unit as First China Customers for AGI Chip
JD.com Unveils AI Logistics Push With 100,000-Chip Cluster, Millions of Robots
China Moves to Rein In AI-Era Counterfeiting and IP Disputes
Huawei Unveils First Mass-Produced Logic-Folding Chip in New Tri-Fold Phone

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