Rumors Flow In China For Dangdang.com’s E-Commerce IPO In The USA
Amidst a shuffle of blog posts and news reports in China, rumors are forming that Chinese e-commerce company Dangdang.com is planning an initial public offering on Nasdaq sometime in the next few weeks.
Though no media reports point to firm responses from the company started by Peggy Yu or its bankers on the expected sale of shares to the public, rumors state that the firm hopes to raise upwards of USD1 billion. This IPO would follow previous excursions to the public market by other Chinese e-commerce firms like Alibaba and Tencent.
Dangdang, once an e-commerce darling in the late 1990s, now finds itself fighting bigger firms like Alibaba’s Taobao.com and Amazon’s Joyo.com in the Chinese market.
In March 2010, Conor Yang, former chief financial officer of AirMedia Group, joined Dangdang.com as chief financial officer. He joined AirMedia as CFO in 2007 and successfully led the company’s IPO on Nasdaq in November 2007. Yang formally departed from AirMedia on March 10, 2010.