Chinese consumers have another way to lose money, by paying deposits to bike sharing startups that go belly up. The latest example is Chinese bike-sharing firm Xiaoming Bike, which plans to file for bankruptcy after failing to pay back customer deposits. Guangdong Consumer Council sued the start-up in December  for delays in paying deposits to consumers and failing to separate the deposits from the company’s own accounts. The council said it has received more than 2,952 complaints from consumers who …

Failing To Pay Deposits, Chinese Bike-sharing Start-up Xiaoming Bike Plans Bankruptcy appeared first on China Money Network.