The good and bad of bike company going bust

Until recently an elite member of the bicycle-sharing business (next only to Mobike and Ofo), Bluegogo has, many say, met its Waterloo almost out of the blue. Amid fears that the debt-laden company might run away without returning users' deposits, its founder Li Gang posted a statement online on Thursday in an attempt to assure customers that their deposits were safe and "returnable".

"I have made mistakes," he said. "I am not sure if it is over, but I will keep on fighting till the end."

Reports say the company has been disbanded and owes nearly 200 million yuan ($31 million) to bicycle makers. Many of its rider-friendly, dockless blue bikes are in poor shape for lack of maintenance, while scores of employees have not been paid for as long as six months. The same fate seems to have befallen many of its poorly run rivals.