According to open statistics, it will take hundreds of years for Togo to refund all the deposits to its 3 million users, as there has been no car available on its platform since the start of the year, according to a report by news portal Jianmian.com.

Wang Lifeng, Togo's CEO, said the company is undergoing enormous adjustment, including in the company's structure and business model, in video footage provided by a Togo user surnamed Jin earlier this month. Wang added that the company has experienced "very big trouble", but the company has maintained its technical platform and will add new cars after the problems are solved.

Fu Qiang, founder of the collapsed car-sharing provider EZZY, once said high operational costs led to the company's failure. If a user pays 30 yuan for a single order, then the overall cost can be 60 yuan, and the funds we raised are not enough to save us, he added.

The Didi-funded bike-sharing platform Ofo is suffering from the same scenario, as applications for deposit refunds amounted to over 13 billion by December last year.

The struggling company was sued by a number of partners, including advertisers, purchasers, transporters and house renters.

Ofo's case is not unique, as its counterparts such as Wukong Bike, 3Vbike, Kala Bike, Xiaoming Bike and Kuqi Bike have all confronted operational and capital problems as early as 2017.

The pioneers of the shared economy have advanced technology and a large user base, but the major task confronting them now is how to solve problems such as company management and capital flow.

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