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Chinese Books Cyberstore to Go into Voluntary Liquidation
Hong Kong's biggest online retailer, Chinese Books Cyberstore, has decided to go into voluntary liquidation amid a lack of funds, as is reported by Chinadaily Wednesday.
The company, billed as the Hong Kong equivalent of Amazon.com, has closed down after failing to secure further funding from shareholders, press reports said.
Chinese Books Cyberstore could not be contacted on Wednesday to confirm its closure, with telephone calls going unanswered.
The firm, which claimed to be the largest Chinese-language online bookseller, carrying more than 200,000 titles, made the decision to close permanently on Monday, after two out of 15 shareholders rejected a final attempt to save the company on July 21, the South China Morning Post said, quoting parent firm Hong Kong-based venture capital firm ITVentures.
The company, which employed about 100 workers and had some 100,000 registered website users, was set up three-and-a-half years ago, selling books, and later music and video compact disc's, Chinese comic books, and arts and crafts.
The firm reportedly recorded revenue of 20 million Hong Kong dollars last year, an eight-fold increase on the previous year, but its plan to seek a stockmarket listing failed to materialize amid a slump in high technology stocks in recent months.
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