Dai Wei s version of True Biography is unfinished again

Visual China.

Written by Radar Finance and Economics, written by Meng Shuai, edited by Deep Sea.

Tianyancha shows that recently, ofo affiliated company Dongxia Datong (Beijing) Management Consulting *** Beijing Baiklock Technology *** added a new information on the person subject to execution, with an execution target of more than 16.86 million yuan, involving contract dispute cases, and the enforcement court is the People's Court of Haidian District, Beijing. However, for the now scarred ofo, this new piece of executive information doesn't seem to have caused much ripple.

Up to now, ofo has been involved in more than 500 judicial disputes only in Dongxia Datong (Beijing) Management Consulting***, an affiliated enterprise. The company's historical executor information is as many as 350, and the total amount of execution has reached 137.7 billion yuan. In addition, the company currently has as many as 285 related consumption restriction orders, and the number of cases listed as judgment defaulters has reached 43.

Although ofo has long been in dire straits, Dai Wei, as the founder of ofo, does not seem to have given up the idea of starting a business. In May last year, a number of domestic ** reported that Dai Wei went to the United States to start a business and wanted to create an American version of Luckin. But today, About Time Coffee, which Dai Wei has formed, seems to have suffered another Waterloo. In the face of another failure of Dai Wei's entrepreneurship, the desire of tens of millions of ofo users to get back their deposits was once again shattered.

Ofo, which has made countless users look forward to the deposit, has added new scars. Tianyancha shows that recently, ofo affiliated company Dongxia Datong (Beijing) Management Consulting***Beijing Baiklock Technology*** added a new information on the person subject to execution, with an enforcement target of more than 16.86 million yuan, and the enforcement court is the People's Court of Haidian District, Beijing.

Radar Finance has learned that the above-mentioned enforcement information involves a contract dispute case. In November 2019, the Beijing Haidian District People's Court filed the case, and the plaintiff in this case is Kunshan Veegoo International***, and the defendants are Beijing Baiklock Technology***, Dongxia Datong (Beijing) Management Consulting***, and Dai Wei, the founder of ofo.

According to the subsequent civil judgment of the case, the plaintiff pointed out that in October 2017, Veegoo and Dongxia Datong signed four purchase orders, stipulating that Veegoo would produce and deliver shared bicycles for Dongxia Datong32 versions of 30,000 and 3There are 110,000 units in the 21S version, with a total payment of 52.2 million yuan. Veegoo has produced and delivered all the bikes as agreed, but Dongxia Chase still has a balance of 1686$730,000 unpaid.

On June 28, 2018, based on the performance of the aforesaid four Purchase Orders and the reconciliation of the two parties, Dongxia Datong Company issued a Repayment Plan to Veegoo Company, promising to pay the balance of the order to Veegoo Company in six installments totaling 1686730,000 yuan. However, Dongxia Chase did not make the payment as scheduled in accordance with the Repayment Plan, and Veegoo still did not pay a penny by the time Veegoo sued.

The plaintiff also stated that Dai Wei, as a shareholder and actual controller, controlled both Dongxia Chase and Bycrok. However, on the one hand, Dai Wei used the bicycle purchase order signed between Dongxia Chase and Veegoo to owe a huge amount of money to Veegoo, and on the other hand, he handed over the income from the bicycle rental project operated by Dongxia Chase to Bycrok to collect and directly enter the collection account of Bycrok.

The plaintiff argued that such a commingling of property had led to a serious lack of ability to perform the debts of Dongxia Datong. According to the third paragraph of Article 20 of the Company Law, "if a shareholder of a company abuses the independent status of the company as a legal person and the limited liability of the shareholders to evade debts and seriously damage the rights of the company's creditors, he shall be jointly and severally liable for the debts of the company", Baicklock Company and Dai Wei shall be jointly and severally liable for the debts owed by Dongxia Datong Company to Veegoo Company.

In response to the plaintiff's arguments, Dongxia Datong replied that it did not agree with Veegoo's claims. Based on the available evidence, it is not possible to see how many bicycles Veegoo delivered to Dongxia Datong, nor can it be seen how the contract was performed.

Bycrok replied that it did not agree with Veegoo's claim. First, Bycroc was not the subject of the contract involved in the case and had nothing to do with the case; Second, Bycok Company is not a shareholder of Dongxia Datong Company, and Dongxia Datong Company is not a shareholder of Baicklock Company, and Veegoo Company has no factual and legal basis for requiring Baikrock Company to bear joint and several liability.

Dai Wei, the founder of ofo, also disagreed with Veegoo's lawsuit. Dai Wei replied that he was not a qualified entity in this case, that Dai Wei had nothing to do with this case, and that Dongxia Datong Company was an independent legal entity and a contract signed between Dongxia Datong Company and Veegoo Company, so Dai Wei had nothing to do with this case. There was also no legal relationship with the performance of the agreement, and Veegoo Company erred in applying the law to hold Dai Wei jointly and severally liable.

The court held that the contents of the Sales Order signed by Veegoo and Dongxia Datong Company did not violate the prohibitions of national laws and regulations, and were valid, and both parties should strictly perform their respective contractual obligations. After the contract was signed, Veegoo Company had fulfilled its supply obligations as agreed, and Dongxia Datong Company had not paid the full payment to Veegoo Company, which constituted a breach of contract, and it should immediately pay the outstanding payment to Veegoo Company and bear the corresponding liability for breach of contract.

Therefore, Veegoo demanded that Dongxia Chase pay the remaining contract amount of 1686The facts of the claim for the loss of interest on 730,000 yuan and the corresponding overdue payment interest were clear and the evidence was sufficient, and the court supported it in accordance with law.

Because Byklock Company directly received the operating funds of Dongxia Datong Company without any contractual basis, and did not return the collected funds to Dongxia Datong Company when Dongxia Datong Company had many external debts and did not pay them off, and Dongxia Datong Company did not require Baiklock Company to return the operating funds to it under such circumstances, this behavior did not conform to the normal transaction rules, and the court found that there was a transfer of interests, unclear property boundaries and loss of personality independence between Dongxia Datong Company and Baiklock Company. Therefore, the court upheld Veegoo's claim that Bycrok should bear joint and several liability.

However, the court did not support Veegoo's claim that Dai Wei should be jointly and severally liable for the debts of Dongxia Datong because the available evidence was insufficient to determine that there was a confusion of personality between Dai Wei and Dongxia Datong.

The court finally ruled that Dongxia Datong (Beijing) Management Consulting paid Kunshan Veegoo International *** 1686RMB 730,000 and the loss of interest on overdue payment shall be paid within 10 days from the effective date of this judgment; Beijing Baiklock Technology Co., Ltd. shall be jointly and severally liable for the aforesaid debts of Dongxia Datong (Beijing) Management Consulting.

Although the execution information of more than 16.86 million yuan of this target has cast a new cloud on the head of ofo again, the current ofo seems to be already in the stage of "not afraid of itching if there are more lice, and not worrying about famine".

Tianyancha shows that Dongxia Datong (Beijing) Management Consulting, one of the executors, was established in October 2016 with a registered capital of up to 1.5 billion US dollars. Up to now, the company has been involved in a total of 563 judicial disputes, of which the number of cases in which the company served as a defendant is 509, accounting for more than ninety percent of all judicial disputes of the company.

According to the cause of action, the number of judicial disputes involved in the company is mainly concentrated in contract disputes, domestic non-foreign-related arbitration awards, service contract disputes, sales contract disputes, labor disputes, transportation contract disputes, housing lease contract disputes, freight contract disputes, etc.

Tianyancha data also shows that the company's historical executor information is as many as 350, and the cumulative total amount of execution is 137.7 billion yuan. Up to now, there have been as many as 285 consumption restriction orders associated with Dongxia Datong (Beijing) Management Consulting, and 43 cases have been listed as judgment defaulters.

In addition, in June 2019, Tianjin Flying Pigeon Automobile Industry Development Co., Ltd. filed an application for bankruptcy liquidation with the Beijing No. 1 Intermediate People's Court against Dongxia Datong (Beijing) Management Consulting. However, the court held that, according to Article 3 of the Enterprise Bankruptcy Law of the People's Republic of China, the people's court of the debtor's domicile has jurisdiction over the bankruptcy case, and therefore did not accept the bankruptcy liquidation application.

Radar Finance noticed that Dai Wei, the founder of ofo, was the legal representative of Dongxia Datong (Beijing) Management Consulting***. However, in October 2018, the company's legal representative was changed from Dai Wei to Chen Zhengjiang. According to the "Announcement on the Change of the Legal Representative of Dongxia Datong (Beijing) Management Consulting" issued by Dongxia Datong Company that year, in order to simplify the office process and improve work efficiency, the company changed the legal representative.

According to ofo, Chen Zhengjiang joined the company at the end of 2014 and is still the top five employees of ofo. For four years, Chen Zhengjiang has held important positions in the company, and at that time Chen Zhengjiang was one of the main leaders of ofo's China business. ofo emphasized that the change of the legal representative is only a normal personnel change within ofo, and the actual controller of the company is still Dai Wei, and there is no "abdication" as interpreted by some **, and the personnel change will not affect any operation and operation of the company.

As the founder of ofo, Dai Wei can be regarded as the soul of the bike-sharing brand. In 2009, Dai Wei was admitted to the Department of Finance at Peking University's Guanghua School of Management. After graduating from school in 2013, when other students were busy going to graduate school, studying abroad or looking for jobs, Dai Wei chose to teach in Dongxia Town, Datong County, Qinghai Province for a year.

In 2014, Dai Wei returned to Peking University to continue his master's degree. During his studies, Dai Wei chose to intern at an investment company, but the idea of starting a business always lingered in Dai Wei's mind. So, after only two weeks of internship, Dai Wei chose to leave and started their entrepreneurial journey with four partners.

In July 2014, Dai Wei received an investment of 1 million yuan from Peking University alumni. In December of the same year, Dai Wei began recruiting employees. At that time, Dai Wei's team finalized the product of renting mountain bikes in Shenzhen. However, the investment of 1 million was quickly "burned out". After that, the team conducted a review and concluded that a good product should find the real needs of consumers, not fake needs.

After this round of review, the Dai Wei team finally abandoned the business model of cycling. Under the concept of solving the problem of last-mile travel with sharing economy + intelligent hardware, Dai Wei and 4 partners founded ofo together.

After the birth of ofo, it was once the darling of many capitals competing for bets. Tianyancha shows that since its establishment, ofo small yellow car has received a total of 11 rounds of financing, including Zhen**, Jingwei Venture Capital, Shunwei Capital, Xiaomi Group, Alibaba, Ant Group, Didi Chuxing, etc.

Stepping on the tuyere of the sharing economy, ofo is making great progress all the way. In December 2016, Ofo announced that its daily order volume exceeded 1.5 million, making it the first company in the bike-sharing industry to exceed one million orders per day. In March 2017, ofo's daily orders exceeded 10 million, which is also the first bike-sharing platform with tens of millions of daily orders.

In addition, according to the "2016 China Bicycle Sharing Market Research Report" released by Bida Consulting, a third-party data research institution, in 2016, the overall market share of China's shared bicycles was 512% market share, ranking first in the industry. Among them, the number of cities covered is 3 times that of the second place, and the number of bicycles is 1 of the second place6 times.

However, behind the rapid expansion, Dai Wei's glamorous entrepreneurial history written through ofo took a major turn in 2018. In September of that year, Ofo was sued by its partner Phoenix Bicycle for arrears; In the same month, some netizens reported that when using the ofo small yellow car app, they were induced to consume when recharging the deposit or returning the deposit. Later, there were reports that the refund deposit period of ofo small yellow car was extended again, from the original 1 to 10 working days to 1 to 15 working days......

With the passage of time, Dai Wei's bike-sharing empire built for ofo has collapsed more and more tragically, ofo's affiliated companies have been listed as executors many times, and Dai Wei, who was once judged as "China's 40 business elites under the age of 40", has also been burdened with dozens of consumption restriction orders, and tens of millions of users are still waiting for their deposits.

According to data reported by China City Daily, as of May 2020, more than 16.5 million users were still waiting in line for Ofo to refund their deposits. It is reported that the deposit of ofo small yellow car is divided into two gears, which are 99 yuan and 199 yuan. If calculated according to the lower level of 99 yuan deposit, the total size of the deposit to be refunded by ofo is at least more than 1.6 billion yuan.

In order to deal with tens of millions of "creditors", ofo small yellow cars are even more "full of tricks". For example, ofo small yellow car has cooperated with online loan platforms, and then launched discounts**, and since then has successively launched ofo money rebates, pull friends to refund deposits and other activities, but these activities not only failed to solve the substantive deposit return problem, but also were questioned by many users.

A few years have passed, and the deposit that ofo users have been waiting for is likely to be completely wasted. Radar Finance clicked on the official website of ofo displayed on the Tianyancha page, and it is no longer accessible normally, and even the official *** of ofo was once downtrodden to the point of sending articles to blog traffic. When Radar Finance searched for ofo small yellow car in some app stores, it could not find the relevant APP. Radar Finance tried to log in through the ofo applet, but it was unable to log in normally because it could not receive the verification code.

In the first half of last year, with the new action of starting a business in the United States, Dai Wei, who was gradually forgotten due to the failure of ofo's entrepreneurship, re-entered the public eye.

It is reported that Dai Wei's new project to start a business in the United States is a coffee brand called About Time Coffee. As early as February 2022, the brand has already landed in New York, USA, and then the brand has opened four more chain stores in the downtown area of Manhattan. Before this venture, Dai Wei, who traveled frequently in China and the United States, also opened a start-up company in Seattle that was mainly engaged in power bank leasing.

Although Dai Wei is not the apparent CEO of the About Time Coffee brand, and the brand's CEO Marian Chen also revealed that Dai Wei is only a minority shareholder of the company and is not involved in the day-to-day operations of About Time Coffee. But there are ** reports that Dai Wei is the one who really helped about Time Coffee save money, and it was he who helped bridge the financing of this project.

Tianyancha shows that investors, including IDG Capital, Zhen Ge**, and Weili Capital, participated in About Time Coffee's angel round of financing with a scale of tens of millions of US dollars. It is worth mentioning that Zhenge ** and Weili Capital, which once again gave full support to Dai Wei's new business, had previously participated in the financing of ofo. In addition, Dai Wei himself is also one of the LP (limited partners) of Weili Capital.

Radar Finance has learned that About Time Coffee's business model is similar to that of most beverage brands. In terms of products, about time coffee**Italian coffee, boba special, sparkling water and other drinks, as well as bread and other meals.

The pricing of About Time Coffee's products is also relatively affordable, with about Time Coffee's pricing of $2 to $4 is cheaper than Starbucks' pricing of drinks of similar capacity up to $5 and above. In order to attract new customers, About Time Coffee has also launched the benefit of 5 free drinks for newly registered users.

However, the new attempt after changing the track did not help Dai Wei make a comeback. Not long after the progress of Dai Wei Coffee's business was reported in China, about Time Coffee broke the news that the project had been blocked. According to Jiemian News, in May last year, it learned from multiple independent sources that the operation of Dai Wei's new venture project to enter the American coffee market, About Time Coffee, has been in trouble, the capital chain has encountered a bottleneck, and the entire project is on the verge of suspension.

Radar Finance noticed that about time coffee had also been promoted on the Xiaohongshu platform before. However, the account has the highest number of interactions among all the feeds, but it was the first post it posted in February last year, but as of press time, the number of likes on this post has not exceeded 100.

Below the comment area of this post, you can still see the comments of individual netizens asking Dai Wei for a deposit. Since the last update on June 8 last year, About Time Coffee's eponymous Xiaohongshu account has not posted any new updates. According to another ** report, About Time Coffee's Instagram account has not released new updates since September 29 last year.

According to China Entrepreneur, as of mid-December last year, only one About Time Coffee store on Madison Avenue in New York was open, and the other four stores were all "permanently closed". "China Entrepreneur" also learned from a source close to Dai Wei that Dai Wei has now returned to Beijing.

Although many ventures have failed, Dai Wei is still very concerned about the dynamics of the business world. When Keep was listed, Dai Wei sent congratulations in the circle of friends. When Nvidia released the "strongest AI chip" H200, Dai Wei shouted "It's too explosive". Even the joint name of Luckin and Moutai made Dai Wei sigh "fine wine and coffee, it's too good".

However, Ofo users may be more concerned about when their deposits will be refunded than how well Daiwei's new venture project is progressing. But judging from the current situation, it is difficult to give a specific timetable for the HE (Happy Ending) ending of Dai Wei's version of "True Return".