Friday, October 14th 2016
Newegg Now Owned by Chinese Company
The Wall Street Journal's earlier report about an expected record-setting 2016 in regards to chinese investment in the United States was right. Newegg Inc., one of the most popular online tech-related retailers, is now reportedly owned by chinese company Hangzhao Liaison Interactive Information Technology Co., Ltd. (Liaison Interactive).
After September's reports of a significant investment from the Chinese company on Newegg, which would allow the California-based company to "accelerate the pursuit of the company's strategic initiatives" and into high-growth markets such as eSports, VR (Virtual Reality) and AR (Augmented Reality), it now appears that the investment was much more than a simple capital infusion: it was a bid towards controlling an effective majority in the American company's shares.The deal, with a value estimated around 17.7 billion yuan (around 2.63 billion dollars; higher than some countries' GDP), will give Liaison Interactive control of 55.7% of the California-based company. As a result, Newegg thus becomes one of Liaison Interactive's subsidiaries.
The deal is expected to aid Liaison Interactive in bolstering its global competitiveness, allowing for a gigantic expansion into the American market. The company praised Newegg's recognizable brand and strong consumer confidence. Liaison Interactive expects Newegg to become an important part of the company's liquidity channel through its hardware and software offers, thus complementing the China-based company's product channels. As always, in the wake of this acquisition, changes are expected in Newegg's overall structure, in either its organization, personnel, business, financial and/or management fields.
Source:
UDN News
After September's reports of a significant investment from the Chinese company on Newegg, which would allow the California-based company to "accelerate the pursuit of the company's strategic initiatives" and into high-growth markets such as eSports, VR (Virtual Reality) and AR (Augmented Reality), it now appears that the investment was much more than a simple capital infusion: it was a bid towards controlling an effective majority in the American company's shares.The deal, with a value estimated around 17.7 billion yuan (around 2.63 billion dollars; higher than some countries' GDP), will give Liaison Interactive control of 55.7% of the California-based company. As a result, Newegg thus becomes one of Liaison Interactive's subsidiaries.
The deal is expected to aid Liaison Interactive in bolstering its global competitiveness, allowing for a gigantic expansion into the American market. The company praised Newegg's recognizable brand and strong consumer confidence. Liaison Interactive expects Newegg to become an important part of the company's liquidity channel through its hardware and software offers, thus complementing the China-based company's product channels. As always, in the wake of this acquisition, changes are expected in Newegg's overall structure, in either its organization, personnel, business, financial and/or management fields.
116 Comments on Newegg Now Owned by Chinese Company
Now, it's majority owned by a Chinese company. But the truth is it has always been owned and operated by Chinese. While Liason may have their own way of doing things, it just changes from one set of Chinese owners to a new set.
Also, just being born in a foreign country does not make one unable to be "American." If the company was HQ'd in America and run by a citizen, that's enough for me.
at the same time you dont boycott the incredibly sleazy pricing they have been doing for years, inflating during demand while the hardware companies get nothing extra a bunch of chinese/taiwanese people doing business in north america doesnt exactly make them local, nor does a parent company make it an import
in fact serious business is international at this point (i didnt realize logitech is swiss until a few weeks ago!), i want all companies from all locations to be everywhere, the insecurities seem to come up from superpower citizens or tiny places that get taken over by superpower companies
it's not like it's logistically possible for the new owner to decide to somehow remove all or most local employees or HQ & restart it in asia
(then there are situations where a company is american, but most of the work is in asia or other poor areas, such as clothing/mining/manufacturing, on top of that the company proceeds to add a huge markup to fund their expensive marketing campaign & athlete spokesmen... how can anyone feel good about that? if a chinese company offers lots of local jobs then it's almost as good as a local company offering lots of local jobs... like some of those independent clothing ones that purposely stay in the country)
And I don't care if their "local" or not. I really only care that they are HQ'd here for legal and consumer protection reasons. That's fairly selfish I'll admit. Welcome to the free market.
Communism is long dead. Even NK is more like a dictatorship instead of communism. It is just a way the elites use to control the mind of the easily manipulated masses who lacks independent thinking capability.
www.pcgamer.com/newegg-discusses-implications-of-pending-chinese-investment-deal/
At this point I usually check both Amazon and Newegg for computer products, and sometimes 1 or 2 other smaller but previously used and reliable sites for pricing. I could do without the crazy number of Newegg rebates. It's not Newegg's fault usually, but certain vendors put big rebates on everything they sell on Newegg, and it's a real roll of the dice ever actually getting your rebate even if perfectly submitted. So I have learned to consider the price without the rebate when comparing to other sellers.
Hopefully this change does not bring about negative results to one of my longtime and favorite e-tailers.
They've provided a rich class but it's only about remaining palatable to generations that are still aligning with communist party members, but they could take it away and imprison you and your family member no questions asked .
Today I got an email confirming the cancellation of the order much to my surprise even though I never requested Its cancellation.(6 hours before its release mind You)
Newegg's solution to this issue, is to return the funds i used for the purchase, and for me to re-order it. But since i used a Gift card, i have to wait 2-3 business days, which if im lucky will have me ordering the game sometime early next week, instead of getting it 2day shipped on the 28th like it Should have been.(it releases on the 28th of this month aka tomorrow)
this is NOT how a company should treat a customer who until recently spent thousands every few months on theyre site.
so my options are to Re purchase the game, with more $$, or wait for the refund, and reorder it, or wait for the refund ,and buy it locally. Im choosing to wait for the refund, buy it locally to avoid any more BS from newegg, and spend the refunded gift balance, and never do business with newegg again.
Amazon looks like My new go to for all things online+shopping.
enjoy the new newegg. I for one, am NOT having an Eggcellent day.
sorry for the rant.
Ordered a new board last week, I had the money in my PP account so I payed with it. Today I saw my package was left on the front porch, went down to get it and it wasn't there. long story short, not sure if it was on my PP acount but my address it shipped to was my old address. Soon as I realized it was my old address i went by my old place and there is my new motherboard............My last oder before that, New Egg was offering a free game with the SSD I purchased. Sinse I wanted and enjoy games i ordered it, of couse the game did not come and new Egg knew nothing of the free offer.
Just this week I had two Newegg orders that the product was not as good as I thought so I did a review stating I wasn't happy. It was only a $15 item and a $5 item. Newegg refunded both with me not even asking, or requesting to return them. They gave me one $5 gift card and another $15 card to use in the future and I did not have to return the items