Why China's bicycle 'unicorns' deserted millions of bikes on the streets

Bike-sharing start-ups brought prosperity to Wangqingtuo. Now residents are dealing with the mess they left behind.

This farm grows bikes, by the looks of it. Hundreds of blue and mint-green bicycles stand in rows on this field in Wangqingtuo, the small community that calls itself “bicycle town.” Only the occasional caretaker and a pen of bleating goats watch over them as they rust.

Just a year ago, global investors were throwing money at Chinese companies that rented those bicycles to consumers. Bicycle start-ups became “unicorns,” or new companies worth more than $1 billion. This town, home to factories that made many of the bikes, prospered.

Now the boom has become China’s latest investment bust. Too many bikes litter