“Winter is coming.” It’s as if citizens of Winterfell are describing the state of Chinese E-commerce. Even the best and brightest of the bunch cannot escape doubt. 360Buy has to make repeated denials of the rumor that the company is short of 5 billion Yuan.This comes right after Li Guoqing, the CEO of 360buy’s competitor DangDang, claimed in public that 360Buy will run out of money sometime in 2012.

360Buy is not far from the only victim. Rumors are also haunting companies such as VANCL. In addition, the group buying’s stunning fall from grace is also well documented. The CEO of Gaopeng quitting abruptly after only five months on the job further cemented the speculation that only three to five group buying sites will survive the year.

So what went wrong? I already dealt with the topic in The Gold Mentality, but that’s only part of the story. In search of quick bucks, most of the Chinese entrepreneurs lack the capacity for deep thinking.

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Yang Wang

Yang is currently the brand and media director at Elitime Media & Consulting. He has published and translated seven books, and several of his works have been translated and published in areas such...