BUSINESS Court orders new spending restrictions for troubled bike sharing service and its CEO Dai Wei

BUSINESS

Court orders new spending restrictions for troubled bike sharing service and its CEO Dai Wei

By Qiao Wai | People's Daily app

20:25, December 20, 2018

One of China’s largest bike-sharing companies ofo may find this winter harsher than ever as it tries to save itself from a run on deposits by its customers.

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Ofo users line up out Ofo Beijing headquarters, requesting refund of their deposit. (Photo: VCG)

A court in Beijing on Thursday ordered another round of spending restrictions for the operations of ofo and for its CEO Dai Wei. 

According to the court order, Dai and Dongxiadatong, the company that runs ofo, are subject to a series of bans, including staying in stared hotels, clubs or golf courses, purchasing real estate, and buying first or second class tickets on high-speed trains or any class of trains initialed G.

The restrictions are aimed at stopping luxury consumption and consumption unnecessary for work or living.

So far, Dongxiadatong has received at least 20 orders restricting its spending, which all apply to the company and Dai Wei.

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