Some recent entries on Li's Sina Weibo
Updated: 2012-02-23 13:24
Editor's note: Li Guoqing is very active on his micro blog, updating entries almost every day. The micro blog, or weibo, has witnessed not only his literary battles with rivals and his replies to customers' complaints, but also his views on commercial and social affairs and glimpses of his personal life. The following are a few of the entries.
Jan 11, 2012
Wish Dangdang success in selling Apple products. Even a fool knows he should sacrifice money for repute (at this time).
(The iPhone 4S was officially available in China on Jan 13 and Dangdang started selling the devices on the same day. Its 1,000 iPhone 4S in stock were sold out in three minutes on that day.)
Dec 12, 2011
For 10 years, I have stuck to my view on business: How much should a company lose? Dangdang's gross profit margin was 23 percent in its early years, and lost 11 percent of its total sales (after taking out all other expenses). We earned 2 yuan and spent 3 yuan. But for some e-commerce companies, the margin was 4.5 percent and they lost 10 percent of the sales. They earned 1 yuan and spent 3 yuan.
Dec 8, 2011
Today is the anniversary of Dangdang's public listing. (A year ago) I was so excited before I rang the bell that I forgot to ask the chairman of the New York Stock Exchange in English whether I could ring it twice. But, unexpectedly, he understood me and agreed.
Over the past year, although I have been a bit swollen-headed, I dare not neglect Dangdang's development and performance.
Dec 6, 2011
I used to wash up worn-out stockings and use them to wipe the table. I always asked the matron to mend them but, from this year, I have changed this habit because Dangdang has started selling stockings. I stopped mending them to support the company's sales.
Oct 10, 2011
There is a report saying that I delegate much power to others in my management, and I don't "sign contracts below 3 million yuan". Yes, it's true.
But I delegate so much only because I control so much. I challenge a lot and make decisions when setting a budget, and a contract worth more than 300,000 yuan should involve bidding ... I always advocate, "Go ahead if there is no red light."
Sept 23, 2011
The coming and going of very senior executives has left us with precious ideas and management methods. Internet companies haven't fully developed and need to bring in and digest (new blood) from other industries.
I require that one third of the management above middle-level comes from outside Dangdang because we enter new business fields every time we expand. Of course, there should be another one third being promoted from inside the company.
Sept 8, 2011
I fix my hair only when I have interviews and photos taken. I don't deal with it even when I have to make a public speech. I hope I can change in the future.