Rumors started Tuesday morning that China’s tech giant Alibaba has lent bike sharing company ofo RMB 60 million to help them pull through a cash crunch. Later at noon, local media reported both Alibaba and ofo denied the rumor.

On September 5, local media reported an unconfirmed “millions of dollars” worth of fundraising for the yellow bike-rental company led by Ant Financial and followed by Didi Chuxing. Didi and Ant Financial declined to comment while ofo said it was unclear on the issue.

The rumors show further speculations of the company’s operations and reveal continued doubt about how the company would fulfill its ambition to stand alone.

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Jiefei Liu

Jiefei Liu is a Beijing based tech reporter. She focuses on the union of tech and content creation and loves agriculture. You can write to her at Jiefei@technode.com