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Sharing Economy

Bike sharer Ofo abruptly backpedals from Japan

Chinese startup to quit as financial woes deepen

Ofo's yellow rental bikes pile up in a vacant lot in China's Fujian Province.   © Reuters

BEIJING -- Chinese bicycle-sharing app Ofo is expected to pull out of the Japanese market as it deals with financial distress at home.

Ofo informed the cities of Otsu and Wakayama earlier this month of its intention to end operations in Japan, Nikkei has learned. Otsu, which neighbors Kyoto, partnered with Ofo at the end of April to deploy 400 of the signature yellow share bikes, along with 66 proprietary bike docks.

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