Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Unitree to Debut at 61 Billion Yuan Valuation in Closely Watched Shanghai IPO
U.S. Appeals Court Orders Review of Pentagon’s DJI Designation
Alibaba to Sell Gaming Unit as It Sharpens AI Focus
LATEST
U.S. Appeals Court Orders Review of Pentagon’s DJI Designation
Unitree to Debut at 61 Billion Yuan Valuation in Closely Watched Shanghai IPO
Alibaba to Sell Gaming Unit as It Sharpens AI Focus
China’s DJI and Arashi Vision Escalate Battle for 360-Camera Market
Didi Swings to Quarterly Profit, but Overseas Push Weighs on First-Half Results
Z.AI Pushes AI Model With Coding Edge to Rival Anthropic, Open AI
DeepSeek Launches V4-Pro and Raises API Prices by as Much as 1,100%
Tencent Shares Fall as AI Spending Squeezes Profit
Honor’s New Smartphone Doubles as a Robotic Camera Operator
YMTC Overtakes Kioxia by Shipments to Rank No. 3 in Global NAND Market
ModelBest Begins Pre-IPO Tutoring as On-Device AI Competition Heats Up
U.S. Proposes Ban on Domestic Drone Maker Over Alleged DJI Ties
Manus Cuts Ties With Meta as Tencent Emerges as Top Backer
Cautious Regulators Steer China’s Flying Vehicle Industry to Prioritize Cargo Over Commuters
Alibaba Opens Qwen Platform to Outside Developers in Push to Build AI-Agent Ecosystem
Moore Threads Plans Hong Kong Listing to Fuel AI Chip Push
Beyond the Backflips: Unitree Robotics Faces High Expectations Ahead of Shanghai Debut
ByteDance Accepts AI Gap, Sticks With In-House Models
MiniMax Shares Surge After Joining Hong Kong Stock Connect
Chinese Robotics Startup PokeBot Raises Hundreds of Millions of Dollars

by Isabelle Li / Dec 17, 2018 07:54 PM / Business & Tech

Users of yet another sharing service are having trouble getting their deposits back. 

This time it is the vehicle-sharing venture Togo that is having refund issues, local media reported Monday.

Users in Beijing, Shenzhen and Chengdu have complained that they are having unexpected difficulties getting their deposits back from the platform.

The amount of the deposit is 1,500 yuan ($218), five times more than the typical deposit for bike-sharing services in China.

Under Togo’s user agreement, the company is supposed to return user deposits within seven days of a refund request, the Beijing Daily reports. However, some users have been waiting more than two months for their refunds.

China’s internet industry embraced a shared economy boom in recent years, but several companies have suffered deposit refund problems as cash flow pressures have weighed in on these "innovative" platforms.

The scandal comes as a surprise given that Togo had just announced in October that it had raised tens of millions of dollars in its latest round of fund raising. In addition to Togo, many other car-sharing services, such as that of online services giant Meituan, have been shuttered or sold off due to financial problems, according to previous media reports.

Share this article
Open WeChat and scan the QR code