Updates: 26 Apr–2 May

2 min read. 

1. Lianghui: 22 May 2020Lianghui, or “Two Sessions”, also known as the most important political event of the year, will take place in Beijing this year. The duration of which is unconfirmed at the moment (typically 10 days).

*We will have a special coverage on Lianghui, please keep a lookout on 86insider.

2. Labor Day Holiday: 1-5 May 2020

China is expected to see about 117 million passenger trips over the Labor Day long holiday, according to its Ministry of Transport. This is less than half of last year’s figure.
  1. Jiang Fan    

Jiang Fan has been removed as Partner of Alibaba Group and downgraded from Senior Vice President to Vice President as a result of an alleged affair with a social media influencer of Alibaba-backed Ruhnn Holding (NASDAQ: RUHN). An internal investigation was conducted and showed no evidence of Jiang’s involvement in related business deals and decisions, or misconduct of any kind. Jiang was seen as a potential successor to Zhang Yong, the Group’s current CEO.  

2. Guoqing Li

Guoqing Li, now a deposed Co-Founder of Dangdang.com, broke into its Beijing headquarters, and snatched almost 50 corporate and finance seals*. It is his attempt to regain control of the company from its current CEO, Peggy Yu.

Dangdang.com was founded by Li and his wife, Yu, in 1999. Once dubbed the future Amazon of China, Dangdang is now a minor player in the e-commerce market as it focuses on e-readers. But its focus on e-readers and literature should provide the Dangdang with a good competitive advantage as e-books increasingly get more popular in the country.

While Yu is still the Co-Founder, Li has left since February 2019. The ex Chinese tycoon power couple is currently undergoing divorce.  

*In China, for a document to be considered legally binding, it must be affixed with a corporate or finance seal.