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

4 hours ago - Podcasts

Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.