China’s beauty products e-commerce site Jumei announced yesterday a full acquisition of power bank rental startup Ankerbox, which led to its investor’s openly criticizing the move and calling out the company for full responsibility for the debacle over the past 18 months.

Jumei responded last evening about its investor’s doubts, claiming that the company’s investments in Ankerbox and television shows were strategic decisions (in Chinese) to bring in more traffic.

Jumei’s investor Heng Ren Partners released an open letter earlier this week, pointing out that Jumei has suspended any meaningful communication with shareholders for 22 months and “the more than $59 million invested in these questionable non-core targets is equal to 12% of Jumei’s market cap, and 18% of its cash.”

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Timmy Shen

Timmy Shen is a technology reporter based in Beijing. He's passionate about photography, education, food and all things tech. Send tips and feedback to timmyshen@technode.com or follow him on twitter at...