(Yicai Global) May 24 -- Chinese short-video platform Kuaishou Technology has refuted a rumor that said the co-founder and chairman of the TikTok competitor has been taken away by Chinese authorities for investigation, The Paper reported.

Su Hua is a free man, Kuaishou said in a brief statement yesterday, according to the report. The Beijing-based company has reported the malicious rumormongering to the police and started legal proceedings to protect its rights and interests and those of Su, it added.

Su showed up at an online event yesterday, saying he took a few days off last month. Su is no longer involved in Kuaishou’s daily running since he stepped down as chief executive officer at the end of October, so it is normal for him not to be in the office, The Paper added, citing a source close to the company.

Su, 40, worked at tech giants Google and Baidu before founding Kuaishou in 2011. Cheng Yixiao replaced him as CEO.

Kuaishou’s market capitalization has sunk almost 80 percent since reaching about HKD1.23 trillion (USD156.7 billion) on its first trading day in Hong Kong in February last year. Despite the decline in the stock price, Su still ranked 665th in Forbes Billionaires 2022 list, with a net worth of USD4 billion.

Editor: Futura Costaglione