On the sidewalks of Shanghai and Beijing, once bright-yellow Ofo bicycles lie in varying states of disrepair - chains unhooked, wheels buckled and paint starting to fade - reflecting the quick rise and sharp fall of the Chinese bike-sharing startup, Reuters reported. Millions of Ofo users are clamoring for their deposits to be returned and the firm’s founder has admitted considering bankruptcy. Ofo’s plight is a warning for China’s tech investors, who have plowed tens of billions of dollars into loss-making businesses such as bike sharing, ride hailing and food delivery.

Bank of China plans to sell as much as 40 billion yuan ($5.8 billion) of perpetual bonds in what could be the nation’s first ever issuance of such debt by a lender, Bloomberg News reported. Shareholders approved the proposal at the end of June, the bank’s representatives said today in response to Bloomberg queries. Approvals are awaited from regulators and there’s no deadline for the sale. Chinese authorities met Tuesday to discuss ways to help banks replenish capital and sell perpetual debt as soon as possible, the People’s Bank of China said in a statement today.

Ofo, the Alibaba-backed bike-sharing service, has “immense” cash flow problems and has considered applying for bankruptcy, according to the company’s founder, the Financial Times reported. Dockless bike-sharing companies, including Ofo and its main rival Mobike, have rolled out more than 20 million bikes in the past two years in China and abroad. With its yellow dockless bikes, Ofo — which has raised more than $2.2bn since it was founded in 2014 — exemplified the Chinese start-up model of growing quickly by raising money and burning through cash.

The U.S. and China are planning to hold meetings in January to negotiate a broader truce in their trade wars but are unlikely to have any face-to-face contact before then, according to Treasury Secretary Steven Mnuchin, Bloomberg News reported. Mnuchin said that the two sides had held several phone conversations in recent weeks and were still in the process of planning further formal discussions. “We’re in the process of confirming the logistics of several meetings and we’re determined to make sure that we use the time wisely, to try to resolve this,” Mnuchin said.

A deluge of misfortunes has left China’s equity investors with their biggest losses in years, wherever you look. Stung by everything from a national vaccine scandal to a decline in consumer spending, the Trump administration’s crackdown on Chinese tech and Beijing’s tightening grip on education, gaming and drugs, the country’s stock market has lost $2.1 trillion in value in 2018, Bloomberg News reported.

Default risk for Chinese companies has climbed to the highest in 13 years as Beijing seeks to rein in its post-crisis construction boom, according to Moody’s Analytics. The research group’s measure of expected default frequency has risen above early-warning levels for about 25 percent of corporate borrowers, Bloomberg News reported. Moody’s Analytics, a separate entity from the ratings agency, uses the gauge to isolate companies and sectors that merit further investigation for financial distress.

A representative of a mysterious Chinese oil company was convicted Wednesday on charges that he tried to bribe government leaders in Africa in a case that put foreign officials on the stand to discuss deals, some of which were hatched in the hallways at the United Nations, the International New York Times reported. The federal trial of Patrick Ho put a spotlight on the methods that a once fast-growing oil company, CEFC China, used to expand its reach from Asia to Africa, Europe and the United States. Mr.