The CEO of China's third-largest bicycle-sharing company on Thursday said Bluegogo will be taken over by another bicycle-sharing company, Bike Technology after an anonymous Bluegogo employee claimed online that Bluegogo is about to close.

Photo: Bluegogo's Beijing office is now empty.(nbd.com.cn)

Bluegogo CEO Li Gang, who has been reportedly out of China for some time, said in a statement on Thursday, “As Bluegogo CEO, I have made wrong decisions.”

Reports said Bluegogo's Beijing office was empty and that salaries were unpaid.

Techinasia reported that Bluegogo was once valued at $140 million after raising $58 million and expanding to San Francisco and Sydney.

Like other bike-sharing companies, Bluegogo's service receives a deposit of $15 to ride their bikes in China.

File photo: Li Gang, CEO of Bluegogo

Many users of Bluegogo are now complaining they cannot get their deposits back.

While its top competitors Mobike and OFO focus on  managing cost, Bluegogo didn't pay much attention on the cost of the bicycles.

The company's core markets are first-tier cities, with Li saying sticking to core markets could prove the value of the company.

Sources said 350,000 Bluegogo bicycles continue to roam the streets of China.