3rd dockless bike share shutdown

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Dean Collins

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Nov 27, 2017, 11:28:11 AM11/27/17
to Silicon Beach (silicon-beach-australia@googlegroups.com)
From Dan Primacs email this morning......




Mingbike, a Chinese bike-share company, appears to have shut down. Some laid-off employees have complained via social media that they haven't been paid in months, while users have been unable to receive deposit refunds.

* Why it's the BFD: Because this is the third Chinese dockless bike-share startup to go bust in recent months, following Bluegogo and Coolqi.
* More: Bluegogo is the largest such failure, having raised $90 million in venture funding - including from a firm actually called Black Hole Capital... how was that not a red flag? - and rolling out 600,000 bikes. One contributing factor seems to have been a June app modification (unclear if poorly-conceived ad campaign or a hack) that changed Bluegogo bike icons to tank icons. The result in Beijing was that it looked like tanks were rolling toward Tiananmen Square.
* Bottom line: "China's bike-sharing market, overcrowded with more than 40 platforms, have attracted US$2 billion in funding over the last 18 months, making it one of the most popular industries for private equity, venture capitalists and angel investors." - Sarah Dai, South China Morning Post<http://link.axios.com/click/11389835.7510/aHR0cDovL3d3dy5zY21wLmNvbS90ZWNoL3N0YXJ0LXVwcy9hcnRpY2xlLzIxMjE0MDMvd2ludGVyLWRlc2NlbmRzLWNoaW5hcy1vbmNlLWhvdC1iaWtlLXNoYXJpbmctbWFya2V0LWFub3RoZXItcGxheWVyP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zcHJvcmF0YSZzdHJlYW09dG9wLXN0b3JpZXM/5841ec813f92a47b9bba9d7bB9c803dfc>

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Regards,

Dean Collins
Cognation Inc
de...@cognation.net
<mailto:de...@cognation.net>+1-212-203-4357 New York
+61-2-9016-5642 (Sydney in-dial).
+44-20-3129-6001 (London in-dial).

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drllau

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Nov 30, 2017, 1:47:00 PM11/30/17
to Silicon Beach Australia
>having raised $90 million in venture funding

Example of an asset rental business masquerading as a sharing economy market. I'm always surprised at old-school business that think by adding e-Commerce or mobile app or bitcoin payment they believe their valuation should be that of unicorn potential. On the other hand, perhaps this says something about the guilibility of Wall-street financiers.


On Monday, 27 November 2017 10:28:11 UTC-6, Dean Collins wrote:
From Dan Primacs email this morning......




Mingbike, a Chinese bike-share company, appears to have shut down. Some laid-off employees have complained via social media that they haven't been paid in months, while users have been unable to receive deposit refunds.

 *   Why it's the BFD: Because this is the third Chinese dockless bike-share startup to go bust in recent months, following Bluegogo and Coolqi.
 *   More: Bluegogo is the largest such failure, having raised $90 million in venture funding - including from a firm actually called Black Hole Capital... how was that not a red flag? - and rolling out 600,000 bikes. One contributing factor seems to have been a June app modification (unclear if poorly-conceived ad campaign or a hack) that changed Bluegogo bike icons to tank icons. The result in Beijing was that it looked like tanks were rolling toward Tiananmen Square.
 *   Bottom line: "China's bike-sharing market, overcrowded with more than 40 platforms, have attracted US$2 billion in funding over the last 18 months, making it one of the most popular industries for private equity, venture capitalists and angel investors." - Sarah Dai, South China Morning Post<http://link.axios.com/click/11389835.7510/aHR0cDovL3d3dy5zY21wLmNvbS90ZWNoL3N0YXJ0LXVwcy9hcnRpY2xlLzIxMjE0MDMvd2ludGVyLWRlc2NlbmRzLWNoaW5hcy1vbmNlLWhvdC1iaWtlLXNoYXJpbmctbWFya2V0LWFub3RoZXItcGxheWVyP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zcHJvcmF0YSZzdHJlYW09dG9wLXN0b3JpZXM/5841ec813f92a47b9bba9d7bB9c803dfc>

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