Taipei

TALK about FOMO. As much as we may think venture capitalists are crazy to keep pouring kerosene on the global ride-hailing wars, a quick look at the shenanigans on China's bike-share battlefield makes you wonder where the insanity stops.

Matrix Partners, Citic Private Equity Funds Management Co, Macrolink Group, Warburg Pincus LLC, Sequoia Capital Operations LLC, Didi Chuxing and even Temasek Holdings Pte all now seem to be suffering bouts of fear of missing out, and have decided to throw money at companies that don't actually seem to have business models.