SHANGHAI (BRAIN) — Multiple Asian news sites are reporting that bike share giant Ofo has dissolved its overseas business unit, retreating from operating in the U.S., Hong Kong, Singapore and France.
According to the reports (such as this one in Chinese Entrepreneur magazine), the general manager of Ofo's overseas division in China told employees on Tuesday that the division would be closed. The division's employees, who number more than 50, were given some options to transfer to lower paying positions or receive some compensation if they resign before Thursday.
Ofo began expanding outside China in late 2016 and at one point was operating in more than 20 countries and 50 cities outside China. The company has not announced specific plans to end operations in the overseas cities were it continues to operate.
