Custom Search



18
Jan
2011

DangDang (NYSE:DANG) founder labels Morgan Stanley “motherf**kers”

If there’s one thing that’s truly refreshing about Chinese tech startups, it’s the fact that the CEOs there aren’t afraid to sound off like teenage boys when they feel like they’ve been wronged. It’s a nice reprise from the overly-sanitized, politically-correct, speak-words-without-actually-saying-anything, VOICE-OF-GOD tone that American CEOs have mastered.

Case in point, the CEO of E-Commerce China Dangdang, Inc. (NYSE:DANG), Guoqing Li, railed publicly against Morgan Stanley (NYSE:MS) over the weekend after watching the Dangdang shares he sold at $16 more than double to $33 in just over a month of trading on the NYSE. The CEO’s fictional “rock song” lyrics don’t pull any punches:

“Lyrics for a rock song: You (Morgan Stanley) gave out a valuation of 1-6 billion, but in Hong Kong the opening statements stated only 0.78 billion, stop f**king acting,” TechRice quotes Mr. Li as writing in his microblog account on the Twitter-like service Sina Weibo. “You f**kers knew first day of launch that valuation would be 2 billion, but you still priced USD 16 per share, which comes to 1.1 billion. My CFO was in panic mode, I held back a breath and silently cursed you motherf**kers.”

“I regret not giving the job to Goldman Sachs,” Mr. Li went on in response to a microblogger identified as a Morgan Stanley employee. “I am here openly criticizing investment banks, criticizing Morgan Stanley, what, Morgan Stanley can’t be criticized? Not be cursed? You foreigners’ flunky!”

Mishi fired back on the Twitter-like microblog platform, Sina Weibo, saying Mr. Li possesses an “IQ so low you don’t even understand the basic principles of being human.”

Morgan Stanley quickly issued a rebuke: “These comments are offensive, highly unprofessional and do not reflect industry practices. We condemn such behavior that can risk damaging a company’s brand and reputation,” the bank said in an official statement.

Now that the IPO silent period is over, it seems the kid gloves have come off. It could be a risky bit of marketing on the part of Mr. Li, or he might genuinely be miffed that he sold a huge stake in his own company for far too little. My guess? It’s a bit of both.

Mr. Li’s smart enough to know that an under-priced IPO can lead to a whole lot of positive PR, but its got to be frustrating watching your shares skyrocket and knowing that you’ve missed out on a few hundred million dollars in your pocket. I think I’d be doing some cursing, too. I just might not have made it public.

Related

Tags: , , ,

Chinese stocks, Internet stocks, IPOs, NYSE, tech stocks | RSS 2.0 | Respond | Trackback |

Notice: ALL information on TradingStocks.me is for informational use only and should never be construed as investment advice. TradingStocks.me and all affiliated companies SHALL NOT be liable for any damages whatsoever arising out of or related to the websites or the information contained in it.

Leave a Reply

Name and Email Address are required fields. Your email will not be published or shared with third parties.







Zecco Forex Online Foreign Exchange Trading

Killer Articles

Top 10 best gold and silver ETF funds

Here’s a look at the Top 10 best gold and silver ETFs that trade on major U.S. exchanges. We’ve ranked them by volume, as some of the niche ETFs in the precious metals market are so... Read on.

3 reasons NOT to invest in Groupon’s IPO

An IPO date hasn’t been set, but here are three big warning signs you might want to consider before investing in Groupon’s stock... Read on.

From start-up to titan: The unofficial tech IPO calendar for 2012

From Facebook to Twitter to Groupon, the planned tech IPOs in 2012 could be among the most exciting string of new public companies... Read on.

How to invest in water stocks

Often overlooked as a commodity, water supplies could become increasingly critical as emerging economies around the world improve their diets and demand more agricultural resources for the production of meat... Read on.

World’s largest economies in 2050 will look very different

India’s rapid ascent to economic supremacy will be driven by a surging working age population, which will grow more than 40 percent between now and 2050... Read on.

How to invest in cotton stocks

If you’d like exposure to cotton markets without delving into futures and options contracts, a handful of cotton ETNs and cotton-related stocks are available... Read on.

How to buy Chinese Yuan

The Chinese yuan or renminbi has risen about 5 percent a year over the past five years, and some investors argue that China’s currency is still undervalued by 40 percent. If the dollar suffers ... Read on.

Five cheap franchises to start with less than $10,000

Franchises are so ubiquitous we often don’t realize we’re shopping at one. From McDonald’s to Hampton Inns and doggie day cares to campgrounds, they’re literally everywhere. All told, franchises account for 10.5 percent of all businesses in the U.S, and they... Read on.

Why invest in silver?

Ask 10 people why you should invest in gold and silver, and you’ll probably get 10 different answers – many of which will be accompanied by a shrug. Most investors don’t understand the motivation for holding gold or silver bullion. Nonetheless, it’s been difficult to ignore... Read on.

How to Invest in Copper

Copper isn’t as glitzy or glamorous as gold or silver, but in many ways it feels safer. Since copper is regularly used in electronics, it’s consumption per person (particularly in the developed world) has been on the rise for decades. So how does one invest in copper? Read on.