(Here is an article about it in local news: http://tech.sina.com.cn/i/2011-03-11/18455275357.shtml)
Li found Ku6 in 2006. Before that, he worked for Motorola, Alcoa Group, Bausch & Lomb, Sohu, and so on. Ku6 is one of the leading online video site in China, together with Youku, Tudou, 56.com, etc. But, the market consolidated in 2007-08, with Youku and Tudou emerging as the winners. Unlikely to going IPO on its own, Ku6 was sold to Shanda for about US$37 million in 2010.
Recently, Shanda’s CEO, Tianqiao Chen, frequently have meeting with senior executives of Ku6. He wished Ku6 to change its direction. Chen hoped Ku6 could focus on information and news. However, Li wanted Ku6 to license more hit movies and TV dramas – a formula used by both Youku and Tudou to draw audience. According to local news. The two could not agreed with each other and finally, Li quitted. According to local news, he would be going to an investment firm.