Umbrella sharing start-up loses almost 300,000 umbrellas in just weeks

(MGN Online)

After being in business for mere weeks, a Chinese umbrella-sharing service announced the loss of almost all of its 300,000 umbrellas, the South China Morning Post reported.

The start-up, named Sharing E Umbrella, was modeled after successful bike-sharing programs, such as New York's Citi Bike.

The concept was identical; consumers pay a small deposit and borrow the umbrella from a communal rack, (supposedly) later returning it to another one in the city.

However, almost all of the company's 300,000 umbrellas were stolen weeks after the launch.

Shuping is nonetheless undeterred; the executive plans to release another 30 million umbrellas by the end of the year, Shanghaiist reported.