(Yicai Global) Sept. 19 -- Detailed rules on bike-sharing management issued by transport authorities in Beijing require that shared bikes in commercial operation in China's capital have a service life of three years. Each shared bicycle should also have a unique, permanent code.

Shared bikes should be upgraded or disposed of after being in service for three years, and operators should ensure that at least 95 percent of bikes in service are in good conditions, two industry regulatory documents published by the Beijing Municipal Commission of Transport today required.

Each bicycle should bear a permanent and clear steel seal showing a unique code at the front part of its body, the documents required.

Shared bikes should also be equipped with a satellite positioning device, with a margin of error of less than 15 meters. The smart terminals on such bikes should collect information such as location, time and lock status and upload the information to the company's operating platform.

Shared bikes already in service should undergo an annual check per production batch, and substandard products should be recalled, the documents stated.