Phoenix Technology News on December 10th, on the eve of Momo's listing in the United States, NetEase suddenly issued a statement saying that Tang Mo, the founder and CEO of NetMo, had committed illegal acts during the work of NetEase and used his position to convey benefits to his wife's company. He was also detained by the Chinese police for 10 days in 2007 for personal style issues.
According to the statement, in July 2011, Tang Yan opened Momo without authorization and stole NetEase's commercial interests. His actions violated the Labor Contract and the company ’s commitment to restrict competition during his employment, and seriously violated professional ethics.
Momo submitted a prospectus supplementary document (F-1 / A) to the US Securities and Exchange Commission (SEC) on Monday, setting the listing date as December 11, the stock trading code as "MOMO", and the issuing range of ADS per share 12.50 USD to 14.50 USD.
The following is the original statement:
NetEase made a formal statement on the illegal behavior of former employee Tang Yan (founder and CEO of Momo) during his work at NetEase:
1. Tang Yan worked at NetEase from December 2003 to September 2011. In July 2011, Tang Yan set up Momo Company for personal gain without authorization. During his tenure, Tang Yan used his position to obtain various information and technical resources provided by NetEase and personally created "Momo", thereby stealing the commercial interests of NetEase and losing basic professional ethics. His behavior violates the Labor Contract and the company's commitment to the restrictions on competition during the period of employment, and seriously violates professional ethics.
2. As the former editor-in-chief of NetEase, Tang Yan used the company's trust in him to deliver millions of yuan of economic benefits to his wife (Zhang Sichuan), the founder of Sidu (Beijing) Advertising Co., Ltd. This behavior is suspected of corruption of non-state agency staff, which seriously damages the rights and interests of NetEase.
3. While working at NetEase, Tang Yan was also detained by the Chinese police for 10 days in 2007 for personal style issues. As a senior NetEase employee, Tang Yan did not truthfully report the matter to the company. Currently, NetEase is investigating this incident.
The founder of Momo Tang Yan lost his professional ethics and used his position to carry out benefits transmission, which caused a loss of reputation and business loss to his NetEase company, which has worked for 8 years. NetEase reserves the right to hold Tang Yan liable for all misconducts while working at NetEase. Hereby declare.
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