Three Chinese Internet luminaries lashed out at Wall Street analysts this past week during the Alibaba.com-sponsored West Lake Internet Symposium held in Hangzhou.
Zhang Chaoyang, CEO of Sohu.com (SOHU); Ding Lei, CEO of Netease.com (NTES); and Ma Huateng, CEO of Tencent.com (0700.HK), launched what one local newspaper described as "a collective attack against Wall Street analysts."
The three said that many analysts on Wall Street do not know anything about China's Internet industry, so when they judge a Chinese business, their judgement is only 10% accurate, at best.
They suggested that Chinese enterprises believe in their own judgement and not care much about those analysts' or consultants' comments.
The West Lake Internet Symposium was started by Alibaba.com, and so far it has been held five times in China. This time it has attracted former US president Bill Clinton as well as the top management of a number of international Internet service providers.