Wukong Bike, a bicycle-sharing company in China, has issued a statement last week confirming that it is ceasing its services from June onwards after 90% of its bicycles went missing – just five months after it started operations.

Based in south-western city Chongqing, Founder Lei Houyi told NTDTV.com yesterday that this unforeseen circumstance has costed the company more than a million yuan (S$200,000) and its ultimate failure.

When the company started, it has 1,200 bicycles in Chongqing – however today, a large number of them have gone missing and only about 10% can be located.

The absence of most of the bikes are probably due to the low quality of bicycles by smaller suppliers.

Wukong Bike said in its statement that it would refund its customers the outstanding value in their accounts, and requested customers to contact customer service for assistance.

Source: Straits Times