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.
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