Friday Flashback: China's Ofo to Halt Overseas Operations
Here's a new series on the big developments that took place in the APAC region over the past one week.
1. Chinese bike-rental startup Ofo is dissolving its overseas businesses. According to reports, a cash crisis at the company, which was once a unicorn, is prompting Ofo to stop operations in 20 countries.
2. China has offered Tesla boss Elon Musk permanent residency. Musk was recently in the country for the ground-breaking of Tesla's first overseas factory.
3. WeWork is rebranding as “The We Company” after losing huge investment from SoftBank. The tech company is investing $2 billion in the shared-workspace firm, not the original $16 billion planned.