Dangdang’s Vice President Reveals Company’s Post-Privatization Ownership Structure
On April 26, Kan Min, vice president of e-commerce firm Dangdang, confirmed in a conference call that after Dangdang completed privatization from the United States, Peggy Yu held 52.23% of Dangdang’s equity, Li Guoqing – 22.38%, and their children held 18.65%. The children’s shares are temporarily in the name of their parents (half and half), as their divorce proceedings are still in progress.
SEE ALSO: Couple Founders of E-commerce Giant Dangdang.com Fall Out in Explosive Scandal
The couple has been going through a very public break up, calling each other out on Weibo and waging ruthless wars for the company. According to a statement issued by Dangdang earlier, at 9:34 a.m. on April 26, 2020, “Li Guoqing and five people broke into the office of Dangdang and stole dozens of official seals and financial seals.”
Dangdang stated that as Dangdang and its affiliated company’s official and financial seals were stolen, any contracts, agreements or other documents signed using those seals will not be recognized.
Dangdang was founded in November 1999 by Peggy Yu and Li Guoqing. In December 2010, Dangdang listed on the New York Stock Exchange, reaching a peak market cap of $3 billion. In September 2016, Dangdang completed its privatization and delisting. At the time of delisting, the market value of the company was only $536 million.