Bike-Sharer Ofo's Didi Chuxing-Installed Executives Take Leave Amid Rumors of Rift
Liao Shumin
/SOURCE : Yicai
Bike-Sharer Ofo's Didi Chuxing-Installed Executives Take Leave Amid Rumors of Rift

(Yicai Global) Nov. 24 -- Major Chinese bicycle-sharer Beijing Bikelock Technology Co. (Ofo) has put its chief executive and chief financial officers, who were installed by car-hailer Didi Chuxing following its July USD700 million investment round, on leave amid reports of a rift between the pair, online media outlet Bianews cites industry insiders as saying.

Bianews is unable to verify whether the financing remains in place, and whether breakdown of the pair's relationship will affect the investment. Ofo and Didi Chuxing were not available for comment.

Ofo investor Zhu Xiaohu recent expressed that the firm should merge with Mobike at an entrepreneurial forum held by Tencent, with Mobike founder Hu Yunwei also in attendance.

Didi Chuxing is now Ofo's largest shareholder, accounting for more than 30 percent of equity. Ofo's millennial founder and chief executive CEO Dai Wei reportedly became a mere figurehead in April following the increased presence of Didi Chuxing executives with Dai lacking management experience, reports said.

Didi Chuxing dispatched its executives to Ofo in July and original Didi senior vice president Fu Qiang formally joined as chief executive, directly reporting to Dai. 

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Keywords: OFO , Didi Chuxing