Letao Denies Baidu to Take Part in Funding
Tencent Tech, 6/03/10
CEO Bi Sheng has denied rumors that Chinese B2C online shoe retailer Letao will receive funding from Baidu (Nasdaq: BIDU), but acknowledged that Letao has plans for more funding. Bi said Letao currently has a good relationship with Baidu but has not received any funding from the company. Bi added that a Tiger fund, DT Capital Partners and DFJ Dragon Fund were invited to invest in April, but an announcement cannot be made before funding has been completed.
Rumors this morning had said that Letao was set to receive second-round funding from Baidu and other investors.
Keywords: Bi Sheng Internet funding B2C Baidu Letao DT Capital second-round BIDU e-commerce DFJ DragonFund
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