Chinese SNS Mayi.com to Shut Down
Sina Tech, 7/14/10
Beijing-based social network site (SNS) Mayi.com has announced it will shut down, claiming that US payment services company Mezabay and Singaporean company Legend Venture Pte have not honored a recently signed funding agreement. Despite repeated pleas from Mayi, the two investors have not transferred funds, interrupting cash flow and forcing the company to discontinue operations. Mayi has completely closed and all personnel have been laid off, with the website scheduled to close on July 30.
Mayi.com will cease all services between now and July 30, save for allowing currently registered users to download their photos and journal entries. As of July 30, Mayi.com's servers will go offline and cease domain name resolution.
Mayi.com is a business-oriented social networking site that allows users to keep journal entries, have online discussions and exchanges through integrated blog and BBS functionality. CEO Mai Tian has already taken a new position overseeing Baidu's (Nasdaq: BIDU) SNS division.
Editor's Note: For more background on this topic, please see "Mezabay and Legend Venture Acquire Mayi.com" MD 4/01/10 issue.
Keywords: HR Internet Baidu SNS BIDU Mayi Mezabay Legend Venture Mai Tian
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