Tencent Tech (in Chinese) is reporting that China’s top bike rental startup Mobike has recently completed the acquisition of smaller player Unibike, citing people familiar with the matter. The source didn’t specify the sum for this acquisition but pointed out that Mobike is also an investor in their RMB 100 million (around US$ 14.6 million) Series A.

“The report is not accurate. Mobike focuses on continuously improving the user experience, enhancing the competitiveness of core technologies and accelerating the pace of expansion at home and abroad,” said a spokesperson for the company. They did not, however, go into detail about the inaccuracies.

In October 2016, Mobike invested RMB 5 million in UniBike. After that, Unibike started to operate as an affiliated brand for Mobike on China’s university campuses.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.