NetEase accuses Momo CEO Tang Yan of violating professional ethics and having "problematic lifestyle"

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This morning, NetEase issued a "NetEase Company Statement on Former Employee Tang Yan's Violation of Professional Ethics". The statement pointed out that Tang Yan, the founder of Momo, lost his professional ethics and used his position to transfer benefits. In July 2011, Tang Yan opened Momo Company without authorization to seek personal gain. He was suspected of transferring millions of yuan in economic benefits to Sidu (Beijing) Advertising Co., Ltd., which was founded by his wife (Zhang Sichuan). He was detained because of his lifestyle problems, which caused reputational and commercial losses to NetEase. NetEase reserves the right to pursue legal responsibility for all improper behaviors of Tang Yan during his work at NetEase.

According to iposcoop: Momo will be listed on the Nasdaq on "Double 12" (Eastern Time). The stock code is MOMO, and the issue price is US$12.50-14.50. The IPO is expected to raise US$216.5 million. The underwriters include: Morgan Stanley, JPMorgan Chase, Credit Suisse, and China Renaissance Capital.