Business
23:05, 31-Oct-2018
Ofo denies bankruptcy rumor
Updated
22:27, 03-Nov-2018
["china"]
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Ofo denied a media report on Wednesday that said the Chinese bike-sharing company has prepared for bankruptcy and restructuring.
A brokerage company has started a proposal for ofo's bankruptcy and restructuring, Jiemian.com reported on Wednesday, citing an anonymous source.
The report also quoted a balance sheet and said that the bike-sharing company has total liabilities of about 6.5 billion yuan (932 million US dollars), including 3.65 billion yuan of users' deposits and more than one billion debt owed to suppliers.
However, ofo refuted the report with a statement released later on the same day, claiming the bankruptcy report as fake news and the company is running independently and in order.
The bike-sharing company with its signature yellow bike just finished its 700 million US dollars Series E round financing last year, with Chinese e-commerce giant Alibaba participated in the investment.