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Bike-share Ofo poised to exit from several overseas markets

One of the major bike-sharing brands in China, Ofo is reported to begin shutting down operations in Australia, the United States and Germany, where the company has so far failed to succeed, according to China Youth Daily.

It is reported that Ofo will fully exit the US market on August 31 and return their user deposit within 45 days. The bicycles will be collected by the local recycling center for US$3 dollars per vehicle, which is no different from scrap iron.

Previous reports show that Ofo has placed more than 40,000 bicycles in more than 30 cities in the United States.

Meanwhile, the website of the Ministry of Commerce also said that Ofo announced in July that it would withdraw from Berlin and Vienna.

However, the company once commented that the exit is “a strategic decision” to focus on the priority market, which includes Singapore and France.

In the new strategic phase, Dai Wei, Ofo founder and CEO is directly responsible for the overseas business.

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