The Paper Journalist Jie Shuyi
Li Guoqing and Yu Yu were brought to court by their sons.
On the evening of August 9, Li Guoqing, the founder of Dangdang.com, stated on Weibo that he and Yu Yu were sued by his son in court for the purpose of requesting the court to confirm that Li Guoqing and Yu Yu held Dangdang shares on his behalf as valid.
Li Guoqing expressed his firm support for his son to defend his rights.
He said that from a traditional point of view, children who sue their parents for financial gain will definitely be regarded as rebellious and unfilial and perverse.
However, Li Guoqing held a different view on this: "Son, no matter what nationality you are, you know how to defend your rights, how to use rules to defend your rights, and how to use legal weapons to defend your rights. It is not shameful at all. I am gratified and proud of you! If you can take up legal weapons to defend your rights against your parents, I think you can defend your rights against anyone without hesitation! Others will not dare to bully you easily.
Li Guoqing also revealed that all the evidence for his son this time was provided by Yu Yu, and the lawyer was also helped by Yu Yu.
"Although it's the first time to file a lawsuit, you have to bear full legal responsibility for the authenticity of all these evidences. Yu Yu also helped you find your lawyer, right? Did Yu Yu pay the lawyer's fees for you and let you sue your parents? Huh? Even if Yu Yu, who has also been the defendant in form, cooperates with you fully, if you want to win, there are really a lot of things to pass. Although you are very confident, have you ever thought about being used as a gun by someone? Consequences? You are still young and there is still a long road to life." Li Guoqing said.
In addition, Li Guoqing has just handed in his defense. "Son, I have never been afraid of challenges from anyone. Since you have written the battle, I will naturally fight against you within the framework of the legal rules." He said.
Dangdang disputes have been around for a long time, and the divorce case between Li and Yu is also difficult to pronounce due to equity disputes.
Regarding the shareholding ratio of the two in Dangdang.com, Li Guoqing and Yu Yu have different opinions. Kan Min, vice president of Dangdang.com, responded on a conference call that after Dangdang’s privatization from the United States, Yu Yu holds 52.23% of Dangdang’s equity, Li Guoqing’s 22.38%, and the two’s children hold 18.65%. The company currently controls Yu. Yu hands. The child’s shares are temporarily in the parent’s name (both sides, half and half).
In this regard, Li Guoqing said: “Domestic Dangdang has acquired overseas Dangdang and has no son’s shares.” According to Li Guoqing’s "Notice to All Employees" issued on April 26, Li Guoqing said that in Dangdang’s equity structure, Li Guoqing During the marriage relationship with Yu Yu, he held a total of 91.7% of the shares. Based on the principle of joint property during the husband and wife relationship, Li Guoqing currently holds 45.855% of the shares. The remaining shareholders of the company Tianjin Qiancheng Enterprise Management Consulting Partnership ((Limited Partnership), Tianjin Micro Corporate management consulting partnerships (limited partnerships) all support Li Guoqing.
The deputy director of Beijing Zhilin Law Firm asked an occupation lawyer to tell The Paper (www.thepaper.cn) reporter: "If Yu Yu and Li Guoqing do have a holding agreement with their son, then the son is now suing to confirm that the holding agreement is valid. The purpose is to reduce Yu Yu and Li Guoqing’s husband and wife's joint property, and then if the equity is divided equally, excluding the son’s shares held on behalf of him, Li Guoqing’s final equal share is far less than half." In other words, The main purpose of the son's lawsuit may not be to fight for his own shares, but may be to reduce the shares that Li Guoqing may allocate and support Yu Yu.
As early as April 26, Li Guoqing's "snatching official seal" incident once caused concern. According to a statement issued by Dangdang.com to The Paper, at 9:34 a.m. on April 26, 2020, "Li Guoqing and five people broke into the office area of Dangdang and snatched dozens of official seals and financial seals. The company has called the police."
However, on June 13, the case of Li Guoqing's "snatching official seal" was closed, and the investigation result was that Li Guoqing did not violate the law.
On the morning of July 7, the official Weibo of Dangdang said that Li Guoqing once again resorted to force and brought more than 20 people into Dangdang early in the morning, prying open multiple safes and taking away information. On the evening of July 8, Beijing Chaoyang Police issued a report saying that at present, the Chaoyang Public Security Bureau has administratively detained four criminals including Li Mouqing in accordance with the law.
Dangdang was established in November 1999 by Yu Yu and Li Guoqing and his wife. In December 2010, Dangdang was listed on the New York Stock Exchange, and its market value was close to US$3 billion at its peak. In September 2016, Dangdang completed the privatization and delisting, and the market value at the time of delisting was only 536 million US dollars (about 3.36 billion yuan). At that time, the outside world speculated that Dangdang might return to the A-share market. In 2018, Dangdang's transaction to sell HNA for 7.5 billion yuan eventually ran aground.