In brief: Ofo quits Malaysia

Photo credit: walkingsky / 123RF

Ofo wraps up Malaysian operations a year after entry (Malaysia/China). The bike-sharing firm is pulling its idiosyncratic yellow cycles from Melaka, the city where it launched its first and only Malaysian service in August last year. Ofo said that the cessation of the service was in line with its wider strategy to “focus on priority markets,” including Hong Kong, Japan, and Singapore in addition to its native China.

Ofo has also recently withdrawn from markets in Europe, North America, and Australia amid reports of a cash crunch and rumors of extensive staff layoffs. Reports that Ofo is to be sold to Didi Chuxing in a multibillion-dollar deal resurfaced yesterday, prompting denials from the bike-sharing startup’s co-founders. (The Star)

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