Peggy Yu

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Peggy Yu Yu (俞渝)
Born May 1965
Chongqing, China
Residence Beijing, China
Nationality Chinese
Alma mater Beijing Foreign Studies University, New York University
Occupation Co-founder and chairwoman, dangdang.com
Spouse(s) Li, Guoqing

Peggy Yu (born 1965) is a Chinese businesswoman. She is the co-founder and chairwoman of dangdang.com, the largest online book retailer in simplified Chinese, similar to Amazon.com and Amazon China. In 1992, she was nominated for "A Man of the Hour in IT industry". In 1999, she was named the "Internet Newsmaker of the Year" by the press. In 2003, she was named the Annual Wise Woman in a campaign launched by Yingcai Journal.[1]

Early life[edit]

Yu Yu (俞渝), known as Peggy, was born in Chongqing, China in 1965. She graduated from Beijing Foreign Studies University and then began working as an interpreter and secretary for a general manager of Babcock & Wilcox Beijing Company Ltd (B&WBC), one of the main boiler suppliers in the world. In 1987, she went to the United States to pursue her studies. In 1992, she earned an MBA from New York University, where she gave commencement speech on behalf of her classmates. Yu went to work on Wall Street, which she compared to a pressure cooker. Yu lived in the United States for ten years, during which time she accumulated the capital and experience necessary to become an entrepreneur.[2] In 1996, Peggy met Li Guoqing (GQ), an easygoing, open and creative book publisher in China. They fell in love and got married after dating for only 3 months. In 1999, the couple created Dangdang (当当网), which is currently the largest online bookstore in China.[3]

Career[edit]

Yu is the chairwoman of Dangdang.[4] The idea for the company came during her stay in the United States, during which time her favorite hobby after work was going to nearby bookstores. Yu had also paid careful attention to the establishment and development of Amazon.com since early 1995 when she was working on Wall Street. When she met her husband, she had the idea to start a similar online company in China.[5] As the executive, Yu considers business issues from both an investor's and manager's perspective. Since the company's creation in 1999, Dangdang has expanded to become an online bookstore with over 6,000,000 books, as well as home goods, clothing, jewelry, cosmetics, DVDs, and movies.

On July 9, 2015, almost five years after she took Dangdang public on NYSE, Peggy Yu proposed to buyout the company from shareholders at a valuation of $630 million. Peggy Yu's proposed valuation was less than half of Dangdang's IPO valuation. The proposed buyout price, $7.81 per ADS, by Peggy Yu and her husband Guoqing Li, was the lowest among all Chinese ADRs seeking to go private, even 20% lower than the company's prior 30 days average trading price, according to Bloomberg.

Dangdang shareholders widely protested the proposed offer and launched a dedicated shareholders activism website, dangdangfacts.com with assertions that Peggy Yu unfairly took advantages of minority shareholders.[6]

Personal life[edit]

In addition to being a successful businesswoman, Yu is also a wife and mother. She prides herself on balancing her family life, personal life and professional life and keeping them clearly separated. She and her husband have an agreement that they do not discuss anything concerning business when they are at home or after 10pm.[7] Yu's personal model is her grandmother. In an interview she said of her grandmother: "Despite painful diseases she wore a smile on her face all the time, and remained calm and brave while suffering the Cultural Revolution. Her optimism and courage has a big effect on me."

References[edit]

  1. ^ "儒俞得水-俞渝-我的搜狐". Yuyu088.blog.sohu.com. Retrieved 2011-12-21. 
  2. ^ "俞渝_财经人物_财经纵横_新浪网". Finance.sina.com.cn. Retrieved 2011-12-21. 
  3. ^ "当当网详细资料_企业单位_财经_凤凰网". Finance.ifeng.com. Retrieved 2011-12-21. 
  4. ^ "俞渝_财经人物_财经_凤凰网". Finance.ifeng.com. Retrieved 2011-12-21. 
  5. ^ "李国庆_人物资料库_网易科技". Go.tech.163.com. Retrieved 2011-12-21. 
  6. ^ Michael, Santoli (17 July 2015). "Shanghai stock rout invites timely buyout bids for U.S.-listed Chinese firms". Yahoo Finance. Retrieved 17 July 2015. 
  7. ^ "《南希财智对话》俞渝(20110205) - 视频 - 优酷视频 - 在线观看". V.youku.com. 2011-08-01. Retrieved 2011-12-21. 

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