Meituan IPO reveals chasm between Mobike’s claims and reality

Ofo Inc. and Beijing Mobike Technology Co. bicycles sit parked on a sidewalk outside a subway station in Shanghai, China, on Thursday, Sept. 12, 2017. Photographer: Qilai Shen/Bloomberg

A year ago the world was beset by a bicycle rental craze that resulted in piles of discarded equipment and mountains of claims about the size of each fleet’s business.

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