Rumor has it that 1haodian chairman Yu Gang and CEO Liu Junling have resigned

Rumors are often one step ahead of the truth. Tencent Technology exclusively learned today that Yu Gang, chairman of Yihaodian, and Liu Junling, CEO, have resigned.

People familiar with the matter revealed to Tencent Technology that Walmart's global executives arrived in China today and convened a meeting with No.1 Store's top management, where the news was announced on the spot. Yu Gang and Liu Junling will temporarily take over the positions of No.1 Store's vice president of finance and vice president of human resources, respectively.

Yu Gang and Liu Junling are not in the company, but are both abroad, one in Australia and the other in Israel.

In fact, there were rumors online at the beginning of this year that Yu Gang had left No.1 Store. Recently, there were rumors that former CBSI China President Wang Lu might replace current CEO Liu Junling as the new CEO of No.1 Store.

The truth is that Yu Gang has rarely come to work at No.1 Store this year. Wang Lu is currently the president of Walmart's e-commerce business in Asia, but Walmart's e-commerce business is still separate from No.1 Store, and it is not clear whether Wang Lu will be in charge of No.1 Store's business.

The reason is that Yu Gang and Liu Junling, as the founders, may only hold about 10% of the shares in No.1 Store, but they have the management rights over No.1 Store. Until Yu Gang and Liu Junling left, it was still unclear how the management rights of No.1 Store would be distributed.

According to information, Yu Gang and Liu Junling founded No.1 Store in March 2008. In 2010, Ping An acquired 80% of the shares of No.1 Store for 80 million yuan. By 2012, Walmart increased its investment in No.1 Store, raising its shareholding to about 51%, becoming the largest shareholder.

In other words, the top four shareholders of No.1 Store are Walmart, Ping An, and Yu Gang and Liu Junling. With the departure of Yu Gang and Liu Junling, the equity structure of No.1 Store may change, and it is also questionable whether Walmart's e-commerce business will be integrated with No.1 Store.

The resignation of Yu Gang and Liu Junling also reflects the great differences between Yihaodian and Walmart, and the cooperation between them is superficial but not real. Analysts pointed out that "Walmart needs to show performance, while Yihaodian is burning money to expand the market. The business philosophy of the two sides is contradictory."

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.