18 Jan '11, 12am

Chinese company boss blasts Morgan Stanley over IPO

SHANGHAI: The chief executive of Chinese online book retailer Dangdang.com blasted Morgan Stanley on Monday, accusing the investment bank of significantly undervaluing his company in its initial public offering. "I am publicly criticising investment banks, criticising Morgan Stanley," Li Guoqing, chief executive of Dangdang.com, wrote on a micro-blogging service similar to Twitter on Chinese Internet portal Sina.com. He criticised the bank by name after posting an angry rant in a Chinese rap style with lyrics railing against the investment bankers, saying they were celebrating while he was furious when the company was valuated. His profanity-laced rap drew more than 2,600 comments in less than 24 hours. Dangdang, co-founded by Li's wife and the firm's chairwoman Peggy Yu, raised 272 million dollars last month by selling a total of 17 million American Depositary Shares at 1...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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