Brakes put on three of six bike-sharing companies

Ofo has yet to surrender its licence, but reports have emerged on the closure of its overseas business units.
Ofo has yet to surrender its licence, but reports have emerged on the closure of its overseas business units.PHOTO: ST FILE

One has returned licence, another yet to put out bikes, LTA threatens to suspend the third

Three of the six operators licensed to run dockless bike-sharing operations since last October have failed to take off, as questions swirl over the industry's long-term viability.

Chinese bike-sharing giant ofo's future is now hanging by a thread. It has breached multiple regulatory requirements, and the Land Transport Authority (LTA) has threatened to suspend its licence. Ofo has yet to surrender its licence, but reports have emerged on the closure of its overseas business units.

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A version of this article appeared in the print edition of The Straits Times on February 04, 2019, with the headline 'Brakes put on three of six bike-sharing companies'. Print Edition | Subscribe