Bankruptcy not on the cards, says chief of bike-sharing app ofo

Dai Wei, founder and chief executive of bike-sharing provider Ofo, has told employees that the firm will not go bust or undergo restructuring.

“Dai said anything is possible -- Ofo may be bought or merged, but bankruptcy or restructuring will not happen,” one worker told state-backed news site The Paper, citing Dai at an internal company meeting at Ofo’s Beijing headquarters. The CEO did not give his reasons behind the statement.

The company meeting was a monthly thing in the past, but had not been held for several months, the employee said, adding that Dai had decided it needed to begin again. Bankruptcy was mentioned in the first query of the question and answer session at the latest meeting, he recalled.

Source: Yicai global