Ofo investor Zhu Xiaohu (also known as Allen Zhu) from GSR Ventures is rumored to have sold his shares in ofo to Alibaba for $3 billion (in Chinese). The source is Zhu’s brother-in-law Ou Chengxiao who revealed Zhu’s plans at a public event a few days ago.

According to a transcription of Ou’s speech circulating online, Zhu sold out shares in ofo to Alibaba for $3 billion with ofo’s valuation at $10 billion. In July 2017, ofo completed its Series E financing round led by Alibaba with an estimated valuation at $3 billion. That is to say, if Ou’s remarks were accurate, ofo’s market valuation has surged threefold over half a year.

TechNode has reached out to ofo who responded with “no comment,” and GSR Ventures also told TechNode’s Chinese sister publication that “there are no comments.”

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