Understanding China, One Blog at a Time

An American in China

Hurry and Invest in Chinese Companies-Oops Wait, Another Chinese Company Caught in Scandal

Posted by w_thames_the_d on February 22, 2011


Alibaba is a Chinese company listed in Hong Kong. As it is Chinese it does things that all chinese companies do… you can figure the rest out for yourselves by reading the excerpt below.

chinadaily excerpt:

Wei and the company’s chief operating officer Elvis Lee resigned to take responsibility for the fraudulent sales among its China Gold Suppliers, the Hong Kong-listed Alibaba.com said in a statement on Monday.
Jonathan Lu, who heads Alibaba Group’s consumer-to-consumer business arm Taobao.com, was appointed as new chief executive officer to replace Wei.BEIJING – China’s top e-commerce operator Alibaba.com Ltd’s chief executive officer David Wei resigned after the company found more than 2,000 members engaged in fraudulent activities, reflecting problems hidden behind the company’s fast expansion over the past few years.

3 Responses to “Hurry and Invest in Chinese Companies-Oops Wait, Another Chinese Company Caught in Scandal”

  1. Daniel Bos said

    That indeed is something you will probably never see in the U.S., a company that takes responsibility for the actions of third parties making fraudulent sales on it’s platform… 😉

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