Chinese e-commerce Dangdang CEO Li Guoqing Says Morgan Stanley Undervalued $272 Million IPO
Chinese e-commerce called E-Commerce China DangDang (DANG) , or DangDang for short CEO Li Guoqing said Morgan Stanley undervalued the Chinese e-commerce operator when arranging its $272 million initial public offering last month.
“I am openly here criticizing investment banks, criticizing Morgan Stanley,” Li said yesterday in a posting on Sina Corp.’s microblogging service, a Chinese version of Twitter. “So what? can’t Morgan Stanley be criticized?”
The comments, confirmed by the company, were meant to “serve as a warning” to others seeking a stock listing in the U.S. and reflect the CEO’s personal opinions, Beijing-based Dangdang said in an e-mailed statement today. Li won’t accept interview requests from the media, said Xu Lin, a spokeswoman at the company.
Willy Wu, a spokesman at Morgan Stanley in Shanghai, said the bank would issue a statement and declined to comment further. Sheel Kohli, a spokesman at Credit Suisse in Hong Kong, declined to comment.Track Latest News Live on CEOWORLD magazine and get news updates from the United States and around the world. The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine.
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