A resident uses the app of Chinese bike-sharing service ofo on his smartphone to rent a bicycle on the street in Shanghai. Photo: AFP

One of China’s major bike-sharing brands, Ofo, has denied rumours the company is preparing for bankruptcy and restructuring, The Paper reported.

According to the rumours, a large broker has already been seconded to complete the bankruptcy restructuring plan.

However, the company said that the news report is seriously inaccurate, and the so-called bankruptcy and restructuring is utter “nonsense.”

Ofo is still operating independently and the business is progressing normally and orderly, the bike-sharing giant claimed.

The company also said that the rumours have seriously damaged the brand and they will immediately resort to legal action.

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