Bankruptcy of shared bicycle firms affects tire industry

As of this Jul, there were nearly 70 shared bicycle companies in China, with over 16 million shared bicycles being put on the streets and more than 130 million registered users.

An industry insider said as the demand for shared bicycles is too huge for the designated tire suppliers to produce, some of the orders were given to the small producers.

However, starting from the second half of this year, massive collapses hit the shared bicycle industry.

Some tire producers are also experiencing hard times.

A person in charge of a small tire company said the tire producers have lost a huge market.