vol.128：Bike-Sharing Wars：Money-Burning War

This source explores the competitive history of China's bike-sharing industry, detailing how it evolved from a chaotic "money-burning war" into a stable public utility. It focuses on the rise and fall of three major players: ofo, driven by social idealism; Mobike, treated as a profit-seeking venture; and Hellobike, which prioritized long-term operational sustainability. While the two industry leaders collapsed or were downsized due to excessive expansion and mismanagement of deposits, Hellobike emerged as the market leader by focusing on underserved smaller cities and maintaining strong government relations. The narrative serves as a business case study illustrating that success in services with high public impact requires a commitment to operational endurance over short-term growth or ideology. Today, the industry has matured into a regulated sector, exemplified by the introduction of state-led electric bike initiatives designed to solve the "last mile" transportation challenge.