Newegg stock price falls 17.7% after Chinese owner is detained by anti-corruption authorities — company insists it’s operating normally and ‘in accordance with the laws’
www.tomshardware.com
The detention of Newegg's majority shareholder in China has caused the market to panic.
  • jqubed@lemmy.worldEnglish
    53·
    1 day ago

    I didn’t know it was owned by a Chinese company, nor publicly traded

    Newegg was established in California by Fred Chang in 2001, but Lianluo acquired a majority stake in the privately held company in 2016. By 2021, it had merged with Beijing-based Lianluo Smart Limited, with the company being renamed Newegg Commerce, Inc., finally taking it public. At the moment, Lianluo currently owns 54.5% of Newegg.