Shantou University has rebutted rumors that Hong Kong tycoon Li Ka-shing will withdraw funding from the school.

"Li Ka-shing's financial support for the university will never come to an end," the school said on Tuesday.

A spokesperson for the Li Ka Shing Foundation also denied the rumor.

It is estimated that Li will fund Shantou University to the tune of more than HK$8 billion ($1.03 billion) in 2018, the school said in a statement.

With support from governments at various levels and the Li Ka Shing Foundation, Shantou University is learning from the world's most prestigious universities to build itself into a world-class school, the statement said.

The website tech.ifeng.com reported on Tuesday that Li would withdraw funding from Shantou University and that the office of the Li Ka Shing Foundation had been delisted at the university.

"The operation of the Li Ka Shing Foundation remains intact at Shantou University. Several executives were transferred to other departments," said He Wenbiao, a member of the Standing Committee of Shantou University's Party Committee and director of the university's executive department.

Located in the coastal city of Shantou, a special economic zone in eastern Guangdong province, Shantou University, including its medical school, is a key comprehensive university operated by the Ministry of Education, the Guangdong provincial government and the Li Ka Shing Foundation.

Li, 89, gave a speech at this year's graduation ceremony encouraging graduates to work hard to contribute to the development of the country and try to build a caring society.