A Shanghai-listed bicycle manufacturer has sued Ofo, the bike-sharing start-up backed by Alibaba, for $10m in unpaid bills, in the latest sign of how heavy spending and cut-throat competition is taking its toll on the once high-flying group.
Ofo and its main competitor, Mobike, have spent heavily on expanding their fleets and grabbing market share by selling rides below cost.
Meituan Dianping, a food delivery and services company backed by Alibaba rival Tencent, bought Mobike earlier this year. Meituan Dianping is planning a Hong Kong initial public offering that was originally expected to value the company at up to $60bn, but bankers say it is now looking at a range of $45bn to $55bn.
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