ofo co-founder Yu Xin has denied allegations that it is laying off 50% of its employees and its chief operating officer (COO) is leaving the company, our sister site is reporting. Yu responded to the assertions on WeChat Moments, saying that headhunters would probably be disappointed as the company’s COO had not left.

The denial comes in the wake of reports claiming that the company is short of money and it would be closing its international business following the departure of COO Zhang Yanqi. However, Yu said that the company’s overseas business was profitable, citing its operation in Singapore as an example.

Nonetheless, additional reports claim the number of layoffs will be the highest in ofo’s history. Moreover, they claimed that senior vice president Nan Nan and public relations director Yang Xun had left the company.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.