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A child rides past bicycles from bike-sharing companies parked along a sidewalk in Beijing. Photo: Andy Wong / AP

Mingbike, a Chinese bike-share company, appears to have shut down. Some laid-off employees have complained via social media that they haven't been paid in months, while users have been unable to receive deposit refunds.

Why it matters: Because this is the third Chinese dockless bike-share startup to go bust in recent months, following Bluegogo and Coolqi.

  • More: Bluegogo is the largest such failure, having raised $90 million in venture funding — including from a firm actually called Black Hole Capital... how was that not a red flag? — and rolling out 600,000 bikes. One contributing factor seems to have been a June app modification (unclear if poorly-conceived ad campaign or a hack) that changed Bluegogo bike icons to tank icons. The result in Beijing was that it looked like tanks were rolling toward Tiananmen Square.
  • Bottom line: "China's bike-sharing market, overcrowded with more than 40 platforms, have attracted US$2 billion in funding over the last 18 months, making it one of the most popular industries for private equity, venture capitalists and angel investors." — Sarah Dai, South China Morning Post

Go deeper

1 hour ago - Health

Boris Johnson announces month-long COVID-19 lockdown in U.K.

Prime Minsiter Boris Johnson. Photo: NurPhoto / Getty Images

A new national lockdown will be imposed in the U.K., Prime Minister Boris Johnson announced Saturday, as the number of COVID-19 cases in the country topped 1 million.

Details: Starting Thursday, people in England must stay at home, and bars and restaurants will close, except for takeout and deliveries. All non-essential retail will also be shuttered. Different households will be banned from mixing indoors. International travel, unless for business purposes, will be banned. The new measures will last through at least December 2.

Updated 2 hours ago - Politics & Policy

The massive early vote

Illustration: Sarah Grillo/Axios

Early voting in the 2020 election across the U.S. on Saturday had already reached 65.5% of 2016's total turnout, according to state data compiled by the U.S. Elections Project.

Why it matters: The coronavirus pandemic and its resultant social-distancing measures prompted a massive uptick in both mail-in ballots and early voting nationwide, setting up an unprecedented and potentially tumultuous count in the hours and days after the polls close on Nov. 3.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike — Austria reimposes coronavirus lockdowns amid surge of infections
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Technology: Fully at-home rapid COVID test to move forward.
  5. States: New York rolls out new testing requirements for visitors.