Ofo Users Are Still Waiting on Over USD145 Million in Security Deposit Refunds
Yicai Global | Xu Wei
DATE:  Dec 18 2018
/ SOURCE:  yicai

(Yicai Global) Dec. 18 -- Almost 10 million users of bike-sharing platform Ofo are looking to reclaim their security deposits, which likely total over CNY1 billion (USD145 million), from the debt-laden firm.

The number increased to around 9.2 million from 4.4 million between 9.20 a.m. and 2.05 p.m. today, one netizen said online after she was unable to get her cash back to a network issue with the Ofo app. Others have pegged the figure at even closer to 10 million.

Users will have paid either CNY99 (USD14.4) or CNY199 for their deposit, so the total amount of pending refunds will be somewhere between CNY911 million and CNY2 billion.

The Beijing-based firm said today that it would refund applications in the order that they arrive, after a host of angry users stormed its headquarters demanding their money back yesterday. One user, posing as a non-Chinese, was able to get their deposit refunded in just 24 hours late last week, despite the supposed 15-day waiting time.

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