<article>Hundreds of <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/ofo/">Ofo</a> users reportedly lined up outside the bike-sharing company’s headquarters in Beijing demanding refunds of their service deposits.</article>

Hundreds of <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/ofo/">Ofo</a> users reportedly lined up outside the bike-sharing company’s headquarters in Beijing demanding refunds of their service deposits.
Customers demanded immediate refunds on Tuesday after reports emerged of a few users receiving their deposits at Ofo’s office, according to Chinese media reports.
The cash-crunched bike-sharing company charged an RMB 99 ($14.3) deposit each for early users and later RMB 199 ($29) for new users. However, there were about 10 million refund applicants who did not have their money returned after the 15-day waiting period, which means the total refunds being demanded could cross $145 million, said the Global Times China.
“We have a record of those who haven’t received their refunds after submitting their requests more than 15 working days ago. We will verify their situations. But we don’t directly refund users at our company,” The Paper cited an Ofo spokesperson as saying on Monday.
Several people who went to Ofo’s office confirmed that they could not retrieve their deposits and were told by the company that the money would be credited to their Alipay accounts within three days. &#8220;Who knows if they’re telling the truth?” a disgruntled user told The Paper.
“If this deposit issue can’t be solved properly, people won’t trust any service that requires a deposit in future,&#8221; another user was quoted as saying by the South China Morning Post.
Ofo, which has shut down operations in various cities, is also facing lawsuits filed by its suppliers over unpaid pills. Bike makers Shanghai Phoenix Bicycles and Tianjin Flying Pigeon Cycle Manufacturing, and logistics companies Best and Deppon Logistics are among those who have recently sued Ofo.
The troubled startup was even reported to have filed for bankruptcy, racking up RMB 6.5 billion in debt. Ofo has denied the report.
News also emerged that <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/didi-chuxing/">Didi Chuxing</a> and <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/ant-financial/">Ant Financial</a> had considered a joint acquisition of Ofo for up to $2 billion, but Ofo’s CEO Dai Wei was cited as saying that the Chinese bike-sharing firm was not to be sold even for $10 billion.
The company&#8217;s major rivals include <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/mobike/">Mobike</a>, which was acquired by <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/meituan-dianping/">Meituan Dianping</a>, and <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/hellobike/">Hellobike</a>, which is backed by Ant Financial. These rivals have announced deposit-free services.
Also Read:
<a href="https://www.dealstreetasia.com/stories/didi-ant-financial-ofo-buyout-103986/">China’s DiDi, Ant Financial said to consider joint $2b Ofo buyout</a>

Chinese media reports said about 10 million Ofo users are still awaiting refunds that are likely to total over $145 million.

Cash-strapped Ofo faces irate customers demanding refunds

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Cash-strapped Ofo faces irate customers demanding refunds

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