Without approval, companies cannot monetise games in China, such as through in-game purchases.
Gaming firms such as Tencent – China’s most valuable listed company – were able to continue filing applications, building up a backlog.
The app was developed by a largely unknown special projects team at Alibaba known as the “Y Projects Business Unit.”
Authorities stopped approving the release of new titles from March last year amid regulatory overhaul triggered by growing concern about violent content and game addiction.
The State Administration of Press, Publication, Radio, Film and Television approved 93 games in its third list since December.
Luckin, backed by GIC and CICC, gained a valuation of $2.2 billion after raising $200 million in a funding round last month.
Ofo’s plight is a warning for China’s tech investors, who have plowed tens of billions of dollars into bike sharing, ride hailing and food delivery.
China, the world’s biggest gaming market, stopped approving new titles from March amid a regulatory overhaul triggered by growing criticism of video games for being violent and leading to myopia as well as addiction among young users.
The delivery platform is squaring off with Alibaba-backed rivals Alipay, Ele.me and Koubei as well as Tencent’s own WeChat.
The company comprises of two businesses and is partly owned by JD.com.