Chinese online second-hand car seller Renrenche denied the rumor of its bankruptcy and claimed to call the police, as it is pouring more money to grab potential customers amid an escalated local battle, our sister site Technode Chinese reports.

Rumors about the company going broke with massive lay-offs began circulating on Chinese social media on Monday. According to Weibo user @Auto_lover黄加祖, employees of the company have been fired at a number of local branches, including those in Shanghai, northwestern Chinese city of Xi’an, and southwestern Chinese city of Guiyang.

Renreche immediately dismissed the rumors in a Weibo announcement (in Chinese), saying all its businesses are running normally and that it has reported to police with the relevant evidence.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen