Dangdang Falls Most in 10 Months as Finance Chief Resigns

E-Commerce China Dangdang Inc. (DANG), the owner of China’s biggest Internet bookseller, fell the most in 10 months in New York trading as Chief Financial Officer Conor Chia-huang Yang resigned.

American depositary receipts of E-Commerce, known as Dangdang, plunged 15 percent to $8.63, a two-week low, at the close of trading in New York. It was the biggest one-day decline since June 13.

Yang will stay with Dangdang for a period as long as three months as it searches for a replacement, the company said in a statement today. Dangdang spokeswoman Maria Xin could not be immediately reached for comment after Chinese business hours.

Shares of Dangdang have gained 96 percent this year. The stock slumped 84 percent in New York last year to $4.40, falling below the December 2010 initial public offering price of $16.

To contact the reporter on this story: Leon Lazaroff in New York llazaroff@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at Eobrien6@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.