Li Guoqing, the trouble causing CEO and co-founder of Chinese etailer Dangdang opened fire again at some of the NYSE-listed company’s 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 “the company wouldn’t even survive this August or October” after being asked by the moderator that “in three years who will be the better one, Dangdang or 360buy.com”.
Li went on to explain that (360buy) doing an ecommerce business in hedge fund’s manner was “bullshit” and couldn’t 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. “Dangdang spent two (yuan) while made one. For 360buy and lashou they spent four while made one”, said Li.
360buy and Lashou aren’t the only two who became Li’s 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 “VIPS”. He disclosed that the company firmed up zero subscription during the road show. Hurt.
According to VIPShop’s 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 ‘mercilessly’ ; stay tuned for more shoots with us. And don’t miss out on the fact that his company itself is facing a swath of problems.