Ofo reins in its global ambitions

Chinese bike-sharing company Ofo Inc is further shrinking its overseas presence, by laying off staff and closing its business in several cities in the United States, according to reports by US media.

The news came shortly after Ofo pulled out of Australia, Germany and Israel, markets where it is more expensive to operate or where regulatory hurdles make operations more difficult.

According to CNN, Andrew Daley, head of Ofo North America, said in a statement that "as we continue to bring bike-sharing services to communities across the globe, Ofo has begun to reevaluate markets that present obstacles."