(Yicai Global) Oct. 30 -- Recent reports about an institution acquiring China Dangdang Inc. for CNY10 billion are 'fake news,' Dangdang chief executive Li Guoqing said on Sina Weibo, as Chinanews.com reported.

Dangdang completed its privatization last year by means of management buy-outs (MBO) and made major adjustments in open-sourcing and expenditure reductions.

As a well-known e-commerce platform with outstanding advantageous categories, good growth, and good profits, the company's Dangdang.com has become the natural target of funds that seek investment opportunities and business cooperation, but Dangdang has signed no agreements yet, Li Guoqing said.

HNA Group Co. has been negotiating the acquisition of Dangdang for approximately USD1.21 to USD1.52 billion (CNY8 billion to CNY10 billion), as Reuters reported.