Rumors of ofo’s acquisition by Didi Chuxing are once again proliferating, with reports claiming the deal could be worth $2 billion.

Minority shareholders have begun receiving documents about the deal, according to local media. However, ofo co-founder Yu Xin has denied the rumors, saying the company had dealt with them on Monday (August 20) and again on Wednesday (August 22).

Xiao Min, partner at Matrix Partners China, lead investor in ofo’s series B, said in China Entrepreneur Magazine that the rumors are “fake news.”

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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.