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Dangdang’s “Gong Dou” plot is really one after another.
On the afternoon of April 26, Dangdang co-founder Li Guoqing was reported to have taken four large men to Dangdang’s office. The objective was to obtain the official seal and the financial seal of Dangdang; Not only that, Li Guoqing also published a call “Sue Dangdang” “All Staff Book,” said Yu Yu is just a director of Dangdang.com, and has no authority.
Later, in response to the Dangdang acquisition, Li Guoqing replied on WeChat that: taking over Dangdang was too busy to accept interviews.
Around 4pm, Dangdang released a statement to the media saying:
On the morning of April 26, Li Guoqing and five people broke into the Dangdang office area and took dozens of official and financial stamps. The company called the police. During the period when Dangdang and the related company’s official seal and financial special seal are out of control, the company will not recognize anyone who uses the official seal and financial special seal to sign any contract, agreement, contract document or any other written document. The official seal, the financial seal and the seal of the financial department are no longer valid the same day.
Li Guoqing’s “All Employees Book”
Obviously, this is a long-planned action.
In the “Dao Dang Dang All Employees” (hereinafter “Notice”), Li Guoqing announced a large amount of content on taking over Dang Dang.
Among them, the “Notice” announced that Li Guoqing will take over the entire company, responsible for the operation and management of the company. Yu Yu is no longer serving as CEO, Legal Representative, and General Manager of Dangdang Company. At the same time, Yu Yu has no right to have any authority in the form of a Dangdang Company company, has no right to issue instructions to Dangdang employees, and has no right to represent Dangdang Company at any intention. Or behavior.
Lei Feng.com noted that the key information in the “Notice” is as follows:
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1) Li Guoqing, due to factors such as maintaining the general situation in Dangdang and maintaining family relationships, gave the company management rights for 3 years.
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2) Yu Yu refused to distribute dividends to shareholders, and never paid dividends when the company made a profit for five consecutive years.
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3) During the outbreak of new coronary pneumonia, Dangdang employees were diagnosed. More than 60 employees were quarantined in isolation, and more than 200 employees were quarantined in their homes.
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4) Li Guoqing called an extraordinary shareholders’ meeting on April 24, 2020 and made a resolution: the company established a board of directors in accordance with the law.
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5) As of April 24, 2020, Yu Yu will cease to be CEO, Legal Representative and General Manager of Dangdang Company. Yu Yu has no right to have any authority in the form of the Dangdang Company, no right to issue instructions to Dangdang employees, and no right to make any expression or action on behalf of the Dangdang Company.
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6) Li Guoqing took over the company and was responsible for the operation and management of the company.
At the same time, the “Notice” announced the following decision:
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1) From February 1, 2020 to the present, personnel processes in the form of “expulsion, dismissal, optimization” and other methods have ended. Employees who have been unilaterally dismissed can negotiate with the company and sign an employment contract to return to work.
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2) The company plans to use shareholder dividends of 30% of its net profit after tax in 2019 to ease the current pressure from small and medium shareholders.The company will make the corresponding profit distribution arrangements in accordance with the law In the near future.
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3) All departments of the company remain unchanged, ensuring the normal operation of various businesses. All departments, colleagues and colleagues are to report to the current President and CEO, Mr. Li Guoqing and his designated staff in accordance with the law.
In other words, the “Notice” clearly states that Li Guoqing has been the current president and general manager of Dangdang.
Lei Feng Net(Public number: Lei Feng Net)According to the “Notice”, in terms of Dangdang.com’s current assets, Li Guoqing and Yu Yu hold 91.71% of the shares during the marriage relationship. According to the principle of husband and wife ownership during husband and wife relationship, Li Guoqing currently owns 45.855% of the shares. The actions are the same.
However, the “Notice” stated that, in addition to 45.855% of Li Guoqing’s own capital, the company’s remaining shareholders, Tianjin Qiancheng Enterprise Management Consulting Partnership (Limited Company) and Tianjin Micro Enterprise Management Consulting Partnership (Limited Company), everyone supported Li Guoqing.
Therefore, the “Notice” stated that Li Guoqing currently received 53.87% of the support.
Li Guoqing and Yu Yu’s past
Li Guoqing, Yu Yu, and his wife co-founded Dangdang in 1999.
At the time, the two were considered “golden partners”: Li Guoqing was a bookseller and had his own experience and ideas about the business strategy of this line; Yu Yu has Wall Street experience and financial strength is his strength. A
Shortly after “setting sail” from Dangdang, he encountered the internet bubble in 2000, but the couple stayed together and survived the cold winter anyway; In 2003, Yu Yu earned a $ 11 million investment from the Tiger Fund for Dangdang. This year, Dangdang’s sales also reached hundreds of millions.
On the talk show, Li Guoqing recalled his past with Yu Yu and said:
To encourage me to fight, she (Yu Yu) once said, “You can have Dangdang without me and Yu Guo, and you cannot have Dangdang without you.” He also said, “If we can’t live together, then you take Big Head, I take Small Head.” I said no, five or five. She said, “Three or seven will, I will if there are four.” I am not right, you are my wife, you should take half if you do nothing.
In 2004 Amazon started to enter the Chinese market and plans to acquire Dangdang as a shortcut for Amazon to enter the Chinese market. At that time, Amazon visited Dangdang twice in three months and made a takeover proposal: Finally, he said that as long as he can get an absolute controlling stake of 70% -90% or more, Amazon can accept it at a price of less than 1 billion US dollars and promises After the acquisition, Dangdang’s brand and management team will remain unchanged. A
But the acquisition ended without success. Recalling this acquisition, Yu Yu said:
The refusal at that time was due more to love, our love for Dangdang as a child … It was very risky to be acquired by an international company like Amazon. Foreign companies entering China may be unacceptable, and some of the common management problems of large companies may dampen Dangdang’s development drive; Furthermore, once Amazon acquires more than 70% of Dangdang’s capital, the absolute retention position of the business team will definitely decrease. You are also very likely to lose the ability and passion for innovation.
Dangdang later experienced the ups and downs of the development process, which was first listed in 2010, and then completed the privatization in September 2016.
But no one expected the follow-up plan: the two sides had vast differences in Dangdang’s leadership.
According to Li Guoqing, after Dangdang completed the privatization, the board of directors twice decided to remove Yu Yu from the board of directors as chairman of the board. In this regard, Li Guoqing said:
I don’t think it’s easy for me to marry someone from New York! People dared to marry me in 1995 and 1996, when they were still abroad. If people can bravely remarry, it means I have deceived people. You said the company is great. At this point, I made the board’s resolution to let her go home, and I couldn’t stop. I am divorced and I cannot let people get out of this stage. A
However, on January 15, 2018, Li Guoqing received a “forced palace letter” from the company’s management, asking him to leave the company’s business, but would retain his position and related treatment. According to Li Guoqing, this “letter to leave the palace” was written by his wife Yu Yu.
According to Tianyancha data, in August 2018, Dangdang added Yu Yu as CEO. In February 2019, Li Guoqing retired from Dangdang’s legal representative and general manager, and Yu Yu took over. In many of Dangdang’s subsidiaries, Li Guoqing State has become a former post.
After leaving Dangdang, Li Guoqing founded the morning and afternoon reading, and began the third spring of his career. He said:
In my third venture, I was fully capable, from three years to five years, and the profit and market value exceeded Dangdang, which is my little goal.
However, in October 2019, Dangdang co-founder Li Guoqing recalled the details of being forced into the palace by his wife Yu Yu on a talk show, and suddenly dropped the glass to the ground, attracting public attention. There was a tragic war of words.
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In November 2019, the divorce case of Li Guoqing and Yu Yu was officially opened, and Li Guoqing stated that his claim was for a divorce, and he wanted to share the actions equally.
Judging from the current situation, the two parties have not completed the divorce proceedings and the division of shares has not been completed. A
Lei Feng Network Overview
I thought it had come to an end, but obviously, the “dog blood” plot between Li Guoqing and Yu Yu was still not completely over.
It’s just that both sides, as a star entrepreneurial couple in China’s Internet arena, have been so shocked that for them, “to separate you should be decent, no one should ask for forgiveness.” Similar lyrics, not to mention that there are too many practical interests between the two.
It’s just that Dangdang’s fate is troubling as a joint crystallization of the two’s endeavor.
Last question:
Li Guoqing and Yu Yu, who is more qualified to manage Dangdang?
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