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"But the competition will be even more fierce than in shared-bikes," he told a forum organized by US tech media TechCrunch on June 19 in Shenzhen. He said the winners in the battle would emerge in about half a year.

"But we anticipate the situation will continue for months before sales will rebound in July or August."

"Campus safety concerns the healthy development of millions of students and the happiness of their families. Schools must be solidly built, like those in areas of post-earthquake reconstruction, and they should also be the most secure places when it comes to safety," Li told the meeting.

"China is and will remain our largest single market... We want to continue to grow profitably there and to develop products and services that are precisely tailored to that market," Schot added.

"By then, we could be a 0 million company," the entrepreneur said. According to Parafuzo's funding brochure, the company, which was set up in 2014, already had a break-even cash flow by November 2016 and in that year, it had .93 million in GMV, 3,000 in net revenue and 3,000 in net loss.