(Yicai Global) Aug. 25 -- Shenzhen will suspend new shared-bike rollouts from today and will require bike-sharing companies to agree to equip their bicycles with smart locks featuring satellite positioning functions by the end of this month, transport management authorities in the southern Chinese city said.

Bike-sharing enterprises must remove improperly parked bicycles within 30 minutes. Otherwise, they will be taken away by the city's transport management authorities. Bike-sharing firms need to make public how their funds are supervised by Aug. 30.

Shenzhen currently has 10 internet bike rental operators with a total of 890,000 shared bicycles, per the latest data.

Many of the shared bikes that were haphazardly introduced to the market have occupied sidewalk space, posing new challenges for urban management. Several Chinese cities have told bike-sharing groups to stop putting new bikes onto the roads.