Kuxun Closes Shanghai Branch
Sohu IT, 4/07/09
An industry source has revealed that Cao Jianli, president of Chinese travel search engine and classifieds site Kuxun, has resigned along with other senior management. At the same time, Kuxun announced it would close its Shanghai branch, and is currently making arrangements for staff.
The move follows a spate of senior resignations in 2008, including Kuxun founder, Chen Hua, in November 2008, and another founder and former COO, Wu Shichun, in July. In November 2007, former vice president, Han Xiaoming, who was in charge of Kuxun's travel business, left the company over differences regarding the company's development strategy.
Currently it is rumored that Chen and Wu left due to a disagreement with investors. In addition, the departure of Cao, who was seen as a representative of the company's investors, has led some to suggest that investors are preparing to get out of Kuxun.
Kuxun was founded in January 2006 and raised first-round funding of USD 2 mln in April 2006, and second-round funding of USD 10 mln in September the same year. Both rounds of funding were provided by Ceyuan Ventures and Susquehanna International Group (SIG).
Keywords: HR Han Xiaoming vertical search Cao Jianli Ceyuan Ventures Chen Hua Internet Kuxun SIG Wu Shichun online classifieds online search
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