Ofo introduces video ads in its app, faces pushback from customers

Ofo said that the company has previously tried several different advertising strategies. These include displaying advertisements in their app, and on the bikes themselves. These approaches have brought in revenues of over 100 million yuan as of June this year. The company added that it had achieved profitability in over 100 cities across China.

Despite this, news about Ofo's capital woes and rumors about a potential buyout have been circulating since the start of the year. On Wednesday the co-founder of Ofo, Yu Xin, refuted the rumor that his company was being acquired by Didi Chuxing for $2 billion.