One of China’s most famous investors, a billionaire called Wang Gongquan of CDH Investments, announced he was leaving his wife for his mistress on China’s version of Twitter, Sino Weibo.”I am giving up everything and eloping with Wang Qin. I feel ashamed and so am leaving without saying goodbye. I kneel down and beg forgiveness!” the post said, according to the WSJ.
Wang Qin, his lover, is the founder of Jiangsu Zhongfu Investments.
Wang Gongquan posted this declaration back in May, and within 24 hours it had been re-posted by about 60,000 other Weibo users — Weibo has about 140 million in total — and commented on by 30,000, including well known Chinese businessmen.
For example, a billionaire real estate developer who’s friends with Wang responded on Weibo: “Please get in touch with me as soon as possible! Your family is incredibly anxious…Please contact them.”
The online declaration was a huge scandal in China. Apparently Wang hasn’t left his firm, despite what he said on his now-legendary Weibo update.
According to his bio, Wang founded CDH Venture in 2005, the venture capital division of the larger CDH Investments company. “CDH Ventures focuses on early stage and growth investments in China, managing two funds worth $700m,” according to AltAssets.
Before that he was a general partner with IDG Technology Venture Investment, and had previously invested in Internet, media, education, energy, e-commerce and franchise businesses.
He also co-founded Vantone Industry Group, a property developer.
“He is often described as an icon in Chinese investing circles,” according to the WSJ.
And he hasn’t stopped yet. The WSJ reported,
In dozens of Weibo posts since his revelation, Mr. Wang has waxed philosophical about the nature of love and has offered occasional opinions on Chinese politics.”
On May 30, Mr. Wang used Weibo to point readers to a new video of himself on the YouTube-like website Youku. In the video, which was viewed more than 350,000 times in the first day after being uploaded, Mr. Wang stands in front of an expanse of water in dim light as he sings “Ode to Elopement,” a song he said he had written.
This isn’t the first time that a Chinese financier has caused a huge furor on a Twitter-like site.
Earlier this year, in an extremely explicit online tirade, DangDang CEO Li Guoqing (DangDang is like Amazon in China) let the world know how he felt about Morgan Stanley after it priced his company for a 50% pop on the day of its IPO.
Li descibed Morgan Stanley bankers as “little rats” and says “let me **** all of you up after this drama is over.”
Then someone claiming to be a Morgan Stanley employee responded even more explicitly, saying to “Go to Goldman Sachs to see if they want to **** the six holes on your body.” The fight got worse and worse, and eventually each firm tried to distance itself from the bloggers.
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