ã€World Wide Web Reporter Lin Di】 According to the US “Fortune†magazine report, along with the advent of China’s small blue bike crisis, the bubble that represents China’s sharing of bicycles began to burst. This also indicates that other businesses in the Chinese Internet sector are facing merger issues. “Fortune†pointed out that China’s third largest non-pronged sharing bicycle start-up company, Bluegogo, has ceased operations and has become another fallout in this rapidly developing high-tech industry. Many analysts warn that this will cause other companies that are preparing to start to stay on the sidelines. It is reported that the global expansion attempts of the Little Blue bicycle ended in failure. In San Francisco, the company was strongly resisted by local politicians and stopped operations four months later. In Sydney, Little Blue provided bicycles for Reddy, the local shared bicycle company. However, the Australian company withdrew from the cooperation negotiations and abandoned the small blue bicycle to another supplier. However, it was not until last week that the financial crisis of Xiao Lan cycling was fully demonstrated in the Chinese market. Domestic social media collectively “shelled†the company. The user complained that the Xiaolan car APP could not unlock the bicycle. For their deposit refund request, the company would not reply. Domestic media gathered at the Beijing headquarters of the Little Blue Bicycle, but found that the door was locked and people went empty. A supplier of small blue bicycles told the Global Times that the company still owes him more than 1.5 million U.S. dollars. In an open letter issued last Thursday, Li Gang, chief executive of Xiao Lan Bicycle, said that the company has been taken over by another Chinese company. "As CEO, I made a mistake," Li Gang wrote. "I'm too proud." There are reports that Li Gang has fled China, he denied it. In the six months prior to the bankruptcy of the Little Blue bike, several shared bicycles in China have fallen, including Wukong Cycling, 3vbike, and Machinocho cycling. Many analysts predict that the industry is moving toward bloody integration and only one or two companies will survive. The industry's two giants, Mobi Bicycles backed by the Tencent Group and relying on Alibaba Group's ofo, have received approximately US$1 billion in funding, respectively, and are widely considered to be the ultimate winners of the industry. According to statistics, in the past 18 months, the shared bicycle industry in China has been developing at an alarming rate. The competition is fierce. The streets of the city are full of orange, yellow and blue bicycles. Many companies have expanded their business to overseas markets and have taken over cities such as Boston, Washington, DC, Singapore, and Kuala Lumpur. "Fortune" reported that in China's shared bicycle industry, even well-managed companies have to face growing pains. Obviously, the entire industry is blowing a bubble, too many participants, too many venture capital, and too little profit, shuffling is inevitable. The real problem now is that along with the advent of the China Little Blue Cycling Crisis, the bubble that represents the sharing of bicycles in China began to burst. This also indicates that other businesses in the Chinese Internet sector are facing merger issues.
