Bike-sharing company forced to close down after 90% of its bicycles go missing

http://shanghaiist.com/2017/06/20/bike-sharing-business-loses-bikes.php

 While the Chinese bike-sharing business has exploded in popularity  over the last year, it's still not clear if the industry's incredible  success is sustainable or profitable. Case in point: Chongqing startup Wukong Bicycles. Despite being named after the immortal Monkey King of Journey to the West  fame, Wukong is out of business after just six months, teaching other  companies in the industry a valuable lesson: always put GPS on your  bikes. In only half a year, Wukong lost 90% of its bikes (presumed either missing or stolen). According to Caixin,  by the time that founder Lou Houyi decided that GPS devices were  necessary, the company had run out of money, becoming the first casualty  of China's shared bike boom.