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China startup dodges public offering ban by floating on shopping website

Reuters
February 5, 2013, 12:47 am TWN

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SHANGHAI -- Chinese entrepreneur Zhu Jiang didn't need a stock market to raise cash for his media startup. Impatient to tap investors even though Beijing has frozen new share sales, Zhu started flogging stock on shopping website Taobao.com.

Before Taobao's owner Alibaba Group shut down his virtual store on Monday, saying the platform wasn't allowed to host share offerings, Zhu had pulled in a total of 1.2 million yuan (US$192,700) from more than 1,000 online punters.

“For startups, time is life,” Zhu, founder of Beijing-based video content producer Makev, said on his official microblog on Sunday.

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