Two years ago China's bike-sharing industry took the nation by storm. Start-ups and companies like Ofo, Mobike and BlueGoGo, faced off in fierce competition, filling the streets with their products. But the situation has taken a turn for the worse. Bicycle graveyards have emerged across the country, and many now view this part of the sharing-economy, as a nuisance. Just this week, struggling company Ofo came under fire for failing to reimburse users their deposits. CGTN's Omar Khan takes a look at what's next for the industry.

It was meant to transform how people get around China's big cities. But that's no longer the case with the nation's bike-sharing industry. Piles of broken bikes, cluttered sidewalks, and unhappy customers, it's the new reality.

OFO CUSTOMER BEIJING "We've all paid deposits, but I have to say the user experience has been awful. There are broken bikes everywhere. We can hardly find a bike that can be used."

OFO CUSTOMER BEIJING "We're struggling to get our deposits back. Ofo isn't very reliable."

For the Alibaba-funded start-up, the wheels have flown off their ambitious endeavour. This week they faced nationwide criticism, with customers complaining they've failed to receive their deposit refunds, even after a 15-day processing period. Some 10 million users have applied for refunds, totalling 1 billion yuan. Ofo's future doesn't look as promising as it once was.

Several suppliers are now suing Ofo for unpaid bills. And adding insult to injury, an October report by Chinese business outlet Jiemian, found that the company was nearly 6-and-a-half billion RMB in debt."

OMAR KHAN BEIJING "Just yesterday, hundreds of people gathered outside the Ofo headquarters here in Beijing, demanding refunds ranging from some 99 to 199 RMB. But many of those people, left empty handed. And now with some of the company's competitors offering deposit-free service, customers will surely be looking to find a new ride. Omar Khan, CGTN, Beijing."