Ex-58.com Shareholder Sued for Stealthy Share Transfer

Netease Tech, 10/28/13

Cheng Handong, Chairman of Business Opportunity Online, operator of online franchising site 28.com, has been sued by Liu Xuanfu, the company's largest shareholder, for actions severely damaging to shareholder interests in secretly signing an agreement with Yao Jinbo, Founder and CEO of online classifieds website 58.com, in December 2009. The agreement, undertaken without approval from the shareholders of Business Opportunity Online, relinquished the company's 17.5% stake in Beijing-based Wuba, operator of 58.com.

A spokesperson from 58.com has declined to comment on the proceedings, but has stated that the lawsuit, filed in Xiaogan, Hubei Province, will not affect the company's IPO preparations.

Keywords: Cheng Handong Business Opportunity Online Yao Jinbo 28.com B2B e-commerce Internet online classifieds 58.com Liu Xuanfu litigation law online franchising

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