In June 2015, the graduate student Dai Wei bought 200 yellow bicycles with his own money and put them on the Peking University campus. This was the start of ofo. By one industry count, 23 million shared bikes were put on the streets in 2017, and ofo and Mobike held more than 90 percent of the market.
In April 2018, Meituan bought Mobike for 2.7 billion dollars. Under ofo’s official Weibo account, more than half of the comments were questions and complaints about deposit refunds.