(Yicai Global) Sept. 8 -- Chinese bicycle-sharing firm Bluegogo, operated by Tianjin Luding Technology Co., plans to install electronic fences at bike parking areas in October to comply with Beijing Municipal Commission of Transport's new regulations aimed at reining in excess supply and improper parking.
The company has also stopped putting any additional bicycles into circulation in the capital.
There are currently 15 bike-sharing companies operating in Beijing with about 2.35 million bikes on the streets. Other cities, including Shanghai, Guangzhou, Shenzhen and Wuhan, have also banned the addition of new bicycles.
Beijing Mobike Technology Co., or Mobike, and Beijing Bikelock Technology Co, known as Ofo, China's two largest bike-sharing firms, have also declared that they will not add new bikes in Beijing. Ofo plans to send almost 100 trucks to the capital to collect improperly parked bicycles.