SCMP - Dec 11 - Allegations of misconduct against a former employee just 40 hours before his new venture Momo went public have created a media backlash against NetEase - China's fifth-largest internet firm by market value. Tang Yan, CEO of mobile dating app Momo, was accused of "acquiring information and technological resources" to establish his own firm in 2011, while still working as the editor-in-chief of NetEase's news portal 163.com the firm alleged on Wednesday. Momo's IPO went ahead as planned on Thursday on Nasdaq, raising $216M. The stock rose 26% during the trading day, ending at $17.02, giving Momo a market capitalisation of $3.17B.
by Chris Luo
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