隔海看中国

Dear former eBay/Eachnet employees,

I’ve received your letter on certain compensation issue you all feel rather strongly about in the midst of our effort to unwind our Chinese operation.

Like many of you, I feel disappointed that our ambitious growth plan in China has ended in, some industry observers might call it, a total failure. It is not something we had expected, or at least, not mentioned in any shapes or forms in Shao Yibo’s pitch book. Now looking back, our acquisition of Eachnet proves to be another pricy lesson for int’l companies. We paid a dear price to a team that stole our business model and eventually run the business to the ground, admittedly, on my watch. I sincerely hope that our misstep in China could make companies and VCs to take a moment of pause before they handed their investors’ money to those Chinese copycats.

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