Ofo’s licence cancelled after company fails to provide 'sufficient justifications' to LTA

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Chinese bike-sharing company ofo’s licence was cancelled on Monday (Apr 22) after missing a deadline to remove its bicycles from public spaces in ...

The deadline wasafter ofo informed LTA that it was in"advanced stages of negotiations" to partner another party to resume operations and fulfil the conditions of its licence. Ofo did not comply with the regulatory requirements despite the extension.

The Alibaba-backed start-up was one of the most successful firms riding the bike-sharing boom, with valuations topping more than US$2 billion last year. READ: Commentary: The curious case of slick start-ups that tout billion-dollar valuations then rapidly collapse At its peak, ofo had bike fleets in more than 20 countries, from France to Australia and the United States.

But a crash in the bike-sharing market saw the firm on the brink of bankruptcy, with ofo's chief executive Dai Wei saying last December that the start-up was facing

 

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