Time to change gear?
Co-founder of bike-sharing app Ofo, Zhang Yanqi dismisses the idea that it will merge with its biggest rival. An early investor in Ofo has pushed for a deal to stem the huge losses both firms are incurring to build market share. According to The Economist, Zhang thinks the Chinese market can sustain 300 million bike ride hires a day, about six times the current demand. For our first mentions of Mobike and Ofo see WiC339 and WiC342 respectively.
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