Chinese ride-hailer Didi is not acquiring bike-sharer Ofo
10/11/2018|9:25:20 AM|YiCai Global

China's largest car-hailing platform Didi Chuxing and one of the two biggest bike-sharers Ofo have both denied rumors circulating online about the former taking over the latter. 

Didi said it has never intended to acquire Ofo, state-run The Paper reported. Didi will continue to support the independent development of Ofo as it has poured USD 350 million into the firm via the C and E rounds of financing, it added. 

Didi proposed to set up a new board of directors that consisted of five members, four of which were divided between itself and other investors, while leaving one position to Ofo's founders. Didi would also have the upper hand in deciding all key positions, including the chief executive's. 

Read Original Article