Rumor: OkayBuy Loses Steam, Awaits Tencent Acquisition
Sina Tech, 10/19/12
Li Shubin, co-founder of Beijing-based apparel e-commerce firm Okaybuy, has responded to recent rumors that several Okaybuy senior executives have departed the firm, leaving behind "an empty shell that has run out of funding and awaits acquisition by Shenzhen-based internet company Tencent (0700.HK)," stating on his personal Sina Weibo microblogging account that the company has over 700 employees and is not "hollowed out." However, Li did not respond to claims that senior executives have left, funds are depleted, or that the company will be acquired by Tencent.
Keywords: e-commerce Internet OkayBuy Tencent 0700.HK Li Shubin M&A B2C
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