Another China Net pioneer quits

By Staff and reports

HONG KONG, China (CNN) -- Wang Juntao, chairman of the e-commerce site my8848.net, is the latest China Internet pioneer to exit the battered dotcom sector.

In a statement posted on Sina.com, Wang said he resigned from the my8848.net board of directors as chairman and would no longer act as its legal representative.

The announcement follows the recent departure of fellow Mainland Internet icon Wang Zhi Dong from his post as Sina.com president and CEO.

'Mediating… to no end'

Citing irreconcilable differences with my8848.net shareholders, Wang said he would no longer serve as the portal company's legal representative.

"My8848's board members have been at odds since April 2001. As the board director, I've been mediating all along, but to no end," Wang said in the statement.

Since April, conflict had escalated in the my8848.net boardroom about the company's execution of agreements and shareholder payouts.

My8848.net sells a wide range of consumer and professional commodities, ranging from home products to medical devices.

Wang had served as chairman of the board of directors and president of my8848.net since May 1999 when he established 8848.net.

The e-commerce website was separated into two firms in January 2001.

8848.net focuses on the business-to-business sector. My8848.net caters to the retail consumer audience.

High-profile exits

Wang's name had been closely associated with China's booming Internet industry, often next to the high-profile dotcom visionary Wang Zhidong.

Wang Zhidong resigned as the president, chief executive officer, and director of Sina.com in June.

But the Sina.com founder maintains that he was forced to resign against his will.

Though the portal has shut Wang Zhidong out of the boardroom, he remains a key investor in the P.R.C. company that operates the portal.

According to the Xinhua online article titled "Wang Zhi Dong: Wan Jun Tao's resignation is different from mine," the Sina.com founder expressed confidence that Wang Juntao would not leave the Internet sector, despite his sudden exit.