New rules lock Ofo out of Chicago

Chinese bike-sharing titan Ofo Inc has announced it is pulling its bikes out of Chicago, as the city raised the cap for the company's type of dockless shared bikes.

The Beijing-based company, which operated 50 wheel-lock-only shared bikes when the city's dockless shared bike pilot program was launched in early May, said on Monday that it is dropping out in response to the updated locking requirements.

The city authorities changed the guidelines at the end of June to allow companies to deploy 350 lock-to bikes, which have the ability to lock to a fixed object after use. Ofo's shared bikes lack the lock-to ability and can be parked anywhere with the wheel lock.