Dangdang boss blasts Morgan Stanley online for undervaluing company in $272m IPO

20 Jan 2011

Most chief executives unhappy about the execution of their IPOs would write a strongly worded letter, or perhaps just work with different banks in future. But Li Guoqing, the chief executive of Chinese internet retailer E-Commerce China Dangdang, took a novel approach this week — blasting one of his bookrunners in a series of expletive-ridden posts on a Chinese website.

Li criticised Morgan Stanley — one of the two bookrunners of the company’s $272m IPO, alongside Credit Suisse — for undervaluing the company. He pointed to the stock’s 122.6% rise since its NYSE listing in December, and claimed that Morgan Stanley had initially given the company a higher ...

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