'Fast Growth' for China's Dangdang: Co-Founder
E-Commerce China Dangdang is strong and "having very fast growth," Peggy Yu Yu, co-founder and executive chairwoman of the company, told CNBC Monday.
The e-retailer's IPO priced 17 million shares in early December at $16, which was above the price talk of $13-$15. The stock was up more than 6 percent Monday.
"In the last couple of weeks all the stocks from China have fallen off 40 percent, 50 percent," Yu Yu said. "The performance of the stock deviates from what's going on in the reality in companies like Dangdang."
Dangdang, considered the Amazon of China, is the largest online retailer in that country.
"We sell as many products on Dangdang as possible and deliver as fast as possible so we can deliver good performance, financial results to our investors," she said.
In recent weeks, a number of Chinese stocks have been under scrutiny over accounting procedures.
This is not the case with Dangdang, YuYu said. "We adopted very strict accounting standards and for more then 10 years all of our accounting records are annually audited by big accounting firms."
In addition, YuYu's husband and CEO of Dangdang, Guoqing Li, recently posted on Sina (the Twitter of China, essentially) using harsh words in response to critics of the company. "He's expressing his own personal opinion and it really causes a lot of eyeballs ... Personally, I don't like to write a blog or too be as (emotional) as my husband."
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