Singapore

According to Lianhe Zaobao, ofo did not effectively activate the QR code parking system and comply with other relevant regulations within the specified period. The business license was temporarily revoked by the Land Transport Authority of Singapore from February 14, 2019. In addition, ofo must remove all bicycles before the 13th of next month, otherwise the Land Transportation Bureau will take enforcement actions, including the cancellation of the other party’s business license.

    Ofo fired the first shot of overseas expansion from Singapore. In February 2017, 1,000 vehicles were officially launched in Singapore. In December of the same year, ofo announced its presence in Paris, France, officially entering the 20th country in the world, and announced that it has started operations in more than 50 cities overseas.

    The good times didn't last long. Ofo's capital flow broke in 2018 and was on the verge of bankruptcy. According to relevant media statistics, ofo has already withdrawn from many overseas cities such as India, Israel, the Middle East, Australia, Germany, Spain, Britain, South Korea, and Japan.

    According to local media reports in Singapore, as early as the end of 2018, at least two companies pressured ofo to pay off its logistics arrears. The latter owed more than US$511,000. At the same time, under ofo's Singapore official Facebook account, more than 170 users left messages requesting refunds, but no one responded.

    Dai Wei, the founder and CEO of ofo, stated in an internal letter sent at the end of last year that no matter how great the pressure is, we will also have to find a way to overcome no matter how great the difficulty is. Don't escape, live bravely, be responsible for every penny we owe, and be responsible for every user who has supported ofo.

    Sincere internal letters have become a declaration of lofty ambition in the eyes of outsiders, and the enthusiasm for entrepreneurship cannot withstand the ruthlessness of the capital market. Netizens commented that the sharing economy is really "seeing him raising a tall building, seeing him banqueting guests, seeing his building collapse!". Without an effective and sustained profit method, relying on a large amount of financing to establish, the collapse of the building instantly makes people feel at a loss.

    Luo Zhenyu, the founder of Luo Ji Thinking, believes that "no matter how much Dai Wei is in debt today, we cannot say that his life is over." What do you think?