What’s new: Dangdang Inc. co-founder Li Guoqing seemingly broke into the Chinese e-commerce company’s Beijing offices Sunday and pasted notices on the walls claiming he had replaced his fellow co-founder and estranged wife Peggy Yu as the company’s CEO, a Dangdang employee later confirmed to Caixin.
Li, who was accompanied by four other people, also removed several official company seals from the offices, according to Yu. All companies in China are required to possess seals for stamping official documentation.
Dangdang later said the company had informed the police of the incident and canceled the stolen seals.
The background: Early last year, Yu told Caixin she had signed an agreement with Li granting her and her family a more than 70% share in Dangdang. Li has denied the claim.
In October, Li filed divorce proceedings against Yu after more than two decades of marriage. No confirmation of the couple’s divorce has yet emerged.
According to publicly available data, Yu holds a 64.2% stake in Dangdang, while Li holds 27.51%.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
Contact reporter Lu Yutong (yutonglu@caixin.com) and editor Matthew Walsh (matthewwalsh@caixin.com)
