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Bike-sharing App '3V Bike' Exits Market over Bike Thefts

Tencent Tech, 6/30/17

Beijing-based Huayaodi Technology, operator of dockless bike-sharing service 3V Bike, has shut down as of June 21 due to a large number of its bikes being stolen, according to an announcement from the company's official account on Tencent's (0700.HK) WeChat mobile messaging app. The company called on users who had not yet retrieved their deposits to apply for a refund as soon as possible.

Huayaodi was established in 2015 and is known for its green colored bikes.

3V Bike put its first round of bikes into circulation in Baoding, Hebei province on February 26 this year. Soon after, the company expanded to various cities in Hebei province, including Langfang, Qinhuangdao, and Beidaihe, as well as Fujian province's Putian.

Editor's Note: In 2016, total users of dockless bicycle-sharing services in China reached over 20 mln, and total market size exceeded RMB 1 bln. Rapid expansion into new cities and steady uptake by new users will drive up these figures dramatically in 2017 to over 200 mln users and nearly RMB 10 bln in revenues. At the same time, China's top bike-sharing operators have already begun trial operations in several overseas markets, and, looking to capitalize on their accumulated industry knowledge, secured supply chain advantages, and strong financial backing, are preparing to rapidly accelerate overseas expansion efforts. To help investors and potential technology, channel, and marketing partners identify opportunities in China’s booming bike-sharing industry, Marbridge has researched and formulated the Chinese Bike-Sharing Industry Matrix. The Q1 2017 edition of the Matrix provides details on 20 leading dockless bike-sharing operators. For more details on Marbridge's Q1 2017 Chinese Bike-Sharing Industry Matrix, please click here.

Keywords: Huayaodi 3V Bike wireless mobile application bicycle sharing withdraw

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