Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
China’s major bike-sharing operator Beijing Bikelock Technology Co., better known as Ofo, has doubled the number of its bikes in Singapore in about three months after it rolled out its services in the Southeast Asian country in November. The news comes as shared-bike companies face increasing regulatory control and tough competition in their home turf, China.
Ofo increased the number of its bikes to 70,000 from 35,000 in February, reported Singapore’s largest-circulation Chinese-language daily Lianhe Zaobao today, citing a company manager. This contrasts with Ofo and its rivals scaling back their services in China’s major cities due to new rules imposed by local governments and regulators for smoother pedestrian traffic.
The utilization rate of the Ofo bikes in Singapore has increased five times since the company has upped the number of bikes in service, said Alan Jiang, Ofo’s Southeast Asia regional general manager, yesterday. This indicates the local market has a strong demand for bike-sharing services with a broader market space for new bicycles, Jiang added.
Ofo serves over 40,000 users per day in Singapore at present, with riding frequency ranging from 120,000 to 140,000, he said.
There are six shared-bike companies, which operate about 100,000 bicycles, in Singapore at present. Singapore is one of Ofo’s first markets outside China. It now operates in 22 countries.
Source: yicaiglobal.com
