Chinese ride-hailing giant Didi Chuxing says it has no intention of acquiring Ofo, one of the major bike-sharing operators in the country, The Paper reported.

Didi also vowed that it will continue to support the independent development of the bike-sharing entrepreneur.

From C round financing in 2016 to the latest E round, Didi has parked a total US$350 million in Ofo. As an investor, Didi has never exercised a veto, and says it will never use the right in the future.

Ofo also made an announcement to deny a recent report about Didi’s alleged intention to take over Ofo. The report claimed there is a shareholder who is attempting to drive down the price by starting rumours of a malicious acquisition. It is entirely false, the company added.