A court in Beijing has brought spending on luxuries by Ofo and its bosses to a screeching halt, with the bike-sharing company said to be on the brink of bankruptcy (Wendy Tang writes). Dai Wei, its founder, admitted this week that it faced “immense” cashflow pressure from returning deposits to customers and paying debts to suppliers. Ofo has been hit with the court action after it failed to fulfil its financial obligations with a Hangzhou-based logistics company. The order forbids Ofo and its executives from excessive and non-essential work or personal spending, curbs that include no purchase of flight or high-speed rail tickets of business class or above, no spending on luxury hotels, nightclubs or golf clubs, no purchases of properties and cars, no renting…

Source: The Times December 22, 2018 00:00 UTC