(Yicai Global) Nov. 13 -- Yu Yongfu, chairman and chief executive of Alibaba Cultural Entertainment Group has denied reports that he has received approvals from executives of parent company Alibaba Group Holding Ltd. [NYSE:BABA] to leave the company to start his own business, he said on his social media accounts today.

Wang Shuai, chairman of Alibaba Group's market PR committee also dismissed the reports as "nonsense."

Jack Ma has always intensively nurtured the development of Yu Yongfu and he was once known as Jack Ma's successor among certain sources.