How Hype and Greed Are Ruining Chinese Bike-Sharing (i.e., Mobike and Ofo)

During the 2007 financial crisis, former Citigroup CEO Charles Prince famously said: “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance.”

Looking at the bike-sharing business in China today, you see a lot of such dancing. You see a nice simple business that has been deluged with hype and money.

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