Last night, a Sina Weibo post broke that Pinju, the Shanda online retailing arm would be shutting down in next week. When asked about the rumor, Ge Binbin, founder and CEO of Pinju surprisingly admitted that “no more rumor refuting! Our funding hasn’t been available yet. Pinju will make an official announcement in next week to relieve all its suppliers.”

And it’s been less than 3 month since Pinju’s debut in October of 2011. 

We first heard of Shanda’s revelation of investing into ecommerce to catch up with Taobao, the de facto Chinese C2C market dominator. Ge once remarked that even as strong as Taobao, the company still has its Achilles’ Heel. Taobao has way too many merchants and products that it’s sometimes quite hard to tell genuine products from the counterfeit ones. And he believes that Pinju is able to carefully handle this problem. Pinju planned to outrun all other competitors coming in second only next to Taobao and to go public in three years.

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Ben Jiang

Listener of startups, writer on tech. Maker of things, dreamer by choice.