Li Guoqing, the trouble causing CEO and co-founder of Chinese etailer Dangdang opened fire again at some of the NYSE-listed companyโs peers, criticizing them for unsustainable business or lacking attraction among investors.
At a recent conference organized by Chinese Internet think tank iResearch, Li shot at 360buy.com claiming โthe company wouldnโt even survive this August or Octoberโ after being asked by the moderator that โin three years who will be the better one, Dangdang or 360buy.comโ.
Li went on to explain that (360buy) doing an ecommerce business in hedge fundโs manner was โbullshitโ and couldnโt survive long. Eventually 360buy will need to raise a new round of financing or trying to sell shares at NASDAQ after burning out all the raised money. โDangdang spent two (yuan) while made one. For 360buy and lashou they spent four while made oneโ, said Li.
360buy and Lashou arenโt the only two who became Liโs target, the CEO who once had a quarrel with several self-claimed Morgan Stanley staff on Weibo took another shot at VIPShop, the Chinese luxury site which just did an IPO road show in Hong Kong and would go public tomorrow at NYSE under the ticker โVIPSโ. He disclosed that the company firmed up zero subscription during the road show. Hurt.
According to VIPShopโs IPO file, the luxury etailer intended to issue 11,176,470 ADSs at the price of $ 8.5 to $10.5 per ADS and finance up to US$ 120 million.
Li won his name in the industry by shooting aimlessly and โmercilesslyโ ; stay tuned for more shoots with us. And donโt miss out on the fact that his company itself is facing a swath of problems.
