Umbrella-sharing company loses most of its 300000 umbrellas

The only problem: most of the umbrellas have gone missing. However, only three months into starting up operations in 11 cities across China, Sharing E Umbrella announced that it lost nearly all of its umbrellas, reports South China Morning Post.

E Umbrella launched with an investment of 10 million yuan (approximately $1.47 million) when it launched in April.

He added that Sharing E Umbrella plans to rely mainly on profits from adverts, some of which may be printed on the umbrellas themselves.

According to the South China Morning Post (SCMP), taking an umbrella requires a 19 yuan (€2.45) deposit and a fee of 0.50 yuan (around €0.06c) for every 30 minutes.

Company CEO Zhao Shuping said that after seeing the launch of bike-sharing schemes, he "thought that everything on the street can now be shared".

A host of different companies have been able to take advantage of China's sharing economy craze.

With the help of mobile wallets and barcode scanners, Chinese residents can now rent anything from bikes to basketballs to cell phone chargers.

If you're in Chinese city on a rainy day and need an umbrella, you might be able to use an app to find one hanging on a fence that you can rent.

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Meanwhile, South China Morning Post reports a bicycle-sharing company in China shut down last month after almost 90 per cent of its bikes were stolen.

Each lost umbrella costs roughly 60 yuan - $9 - to replace. If at first you don't succeed.

The problem, however, wasn't that people didn't want to loan the umbrellas out.

As Sixth Tone notes, many cities in China experience the most rain in the summer.

But he may have overestimated people's honesty - or even their ability to simply do not forget to give them back.

Chongqing-based Wukong Bicycles, for example, was forced to close down in June after losing 90 percent of its bikes within five months of launching.

While Sharing E Umbrella gave out their umbrellas at train and bus stops, they also deduced the safest place for users to temporarily store their umbrellas would be in their homes.

  • Sonia Alvarado