Friday Flashback

Friday Flashback: China's Ofo to Halt Overseas Operations

Know what happened in the APAC region over the past week
Entrepreneur Staff
Correspondent, Entrepreneur Asia-Pacific
1 min read

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.

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