2020/04/30

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Dangdang co-founder breaks into HQ, steals company seals


Chinas most explosive corporate divorce drama has now ramped up to include breaking and entering and seal-stealing.
Li Guoqing, the co-founder of online shopping giant Dangdang, broke into company headquarters in Beijing on Sunday, stealing 47 corporate seals as part of his grand plan to wrest control of the company away from its current CEO, his estranged wife Peggy Yu.
While Dangdang management described Lis operation as violent, surveillance footage shows no one giving any real trouble to the 55-year-old tycoon and his four followers as they go about their business.

Before leaving the office, Li posted a notice at the front reception area, declaring that he had been made the new CEO at an emergency shareholders meeting on Friday and that Yu would no longer be involved with the company.
Dangdang says that no board meeting took place and that Yu remains CEO with the full support of shareholders. The company added that the stolen seals have been rendered void and a police report has been filed.
Meanwhile, however, Li has continued to insist that he is in the right and that he wont be giving up the seals until a settlement is reached, writing on Weibo that he is taking good care of the all-important chops, keeping them in his pockets during the day and sleeping with them at night.

This whole drama is nothing too out of character for Li and Yu. The couple founded Dangdang together back in 1999 as an online bookstore.

The company was once thought of as Chinas answer to Amazon, being listed on the New York Stock Exchange in 2010 with a $1 billion valuation.
However, in the years since, Dangdang has been gradually losing out to competitors like Amazon.cn and JD.com. It was delisted a few years ago.
Last year, the couple went public about their impending divorce and started ripping each other to shreds online.
Yu trashed her husband in a series of WeChat messages, calling him a deadbeat dad, a bearish businessman, and a homosexual infected with syphilis from his young male lovers to boot who stole a 130 million yuan ($18 million) from a joint account in apparent preparation for divorce proceedings.
Ive had enough. Youve kidnapped my life for 20 years, she wrote. Fuck off.
For his part, Li accused Yu of wrestling control of the company away from him and claimed that he had evidence of her own extra-marital affairs.
Earlier that year, Li resigned from all involvement in Dangdangs operations while Yu became CEO. She holds a majority stake in the company.
There has yet to be any verdict in the couples divorce case.


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