<article>Chinese bike-sharing startup Ofo has laid off 9 to 10 people from its Singapore operations team, according to a report by TODAY.</article>

Chinese bike-sharing startup Ofo has laid off 9 to 10 people from its Singapore operations team, according to a report by TODAY.
According to the report, the employees were notified over the phone that January 31 would be their last day of work. No compensation for their termination was offered.
Ofo&#8217;s mounting debt has been taking a toll on its operations at home and abroad.
In Singapore, Ofo is reported to be owing $519,000 (S$700,000) in logistic services. Two weeks ago, the Singapore government demanded Ofo to downsize its fleet to 10,000 and set up a QR-code parking system or have its license suspended. While Ofo is reported to have stated a possible exit from Singapore, it has yet to confirm this.
Last year, Ofo’s CEO, Dai Wei wrote in a letter to employees said he had considered filing for bankruptcy due to cash flow pressures. In China, millions of Ofo users have been clamouring for their deposits to be returned. While there have been reports about supposed buyouts, nothing has surfaced for the Chinese bike-sharing startup so far.
In August, Reuters reported that Chinese ride-hailing giant Didi Chuxing and Alibaba’s Ant Financial were in talks for a joint acquisition, potentially valuing Ofo at $2 billion. Meanwhile, its competitor Mobike was handed a lifeline after China’s Meituan Dianping acquired the company for $2.7 billion in 2018.

Chinese bike-sharing startup Ofo has laid off 9 to 10 people from its Singapore operations team, according to a report by TODAY.

Chinese bike-sharing startup Ofo lays off Singapore staff without compensation

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Chinese bike-sharing startup Ofo lays off Singapore staff without compensation

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