As the saying goes, it is not easy to become the "richest man in China". Almost no one can remain as the "richest man in China". Even Jack Ma and Ma Huateng, who have always been among the top two richest people in my country, were surpassed by another rich man in the past two days. He is Zhong Suisui (pronounced the same as "Shan"), the founder of Nongfu Spring.
On September 8, Nongfu Spring successfully landed on the Hong Kong Stock Exchange, with a sharp opening and a total market value of HK$440 billion. Zhong Suisui's net worth also soared, and he once became the "richest man in China." Zhong Suisui has always been low-key and secretive. His rise to the position of "China's richest man" is also surprising. However, in just half an hour, Zhong Suisui lost his position as the "richest man in China", and he was still sitting on the stool.
The capital market is always changing. Although Zhong Suisui has fallen from the position of "China's richest man", the Chinese people have still witnessed with their own eyes how profitable Nongfu Spring is! According to reports, in 2019 In the middle of the year, Nongfu Spring’s total revenue from drinks alone reached 24.021 billion yuan!
In fact, in addition to Zhong Suisui, there is also a rich man in our country who ranks among the "richest men" Seats are also fleeting. His name is Xiong Xuqiang, and he was once the famous "Ningbo's richest man". However, it only took Xiong Xuqiang 247 days from the richest man to bankruptcy!
It is understandable that he fell from the position of "the richest man". After all, the wealth of the rich All are not fixed. However, from being the "richest man" to going bankrupt, Xiong Xuqiang's experience is still staggering.
In October 2018, Xiong Xuqiang became the "richest man in Ningbo" with a wealth of 29.5 billion yuan. However, within half a year, Xiong Xuqiang's "Yinyi Group" encountered a thunderstorm. With riddled annual results, heavy debts, and frozen shares... Xiong Xuqiang fell from the top of the mountain to the bottom.
In 1994, Xiong Xuqiang left the glamorous "golden rice bowl" job in the eyes of outsiders and resolutely started his own entrepreneurial journey. He founded Ningbo Yinyi Group, which focuses on real estate. Since 1995, Xiong Xuqiang has successfully developed many mid-to-high-end residential communities and office buildings in Ningbo, and some of these projects have become "key projects."
Although the subsequent financial crisis hit the real estate industry hard. However, Xiong Xuqiang still survived.
It was also after the financial crisis that Xiong Xuqiang’s Yinyi Group embarked on a path of rapid development. After the financial crisis broke out, many unfinished properties were left behind in the real estate industry. Compared with taking land to build a new building, directly renovating an unfinished building saves much money and time.
Therefore, Xiong Xuqiang followed this path and successfully acquired and renovated a large number of unfinished buildings within 10 years from 1998 to 2008. Whether it is residential buildings, office buildings or commercial plazas, you can almost see Yinyi Group’s “recycling and renovation” activities.
The practice of renovating unfinished buildings has made Xiong Xuqiang questioned by industry insiders, but he has never stopped working on unfinished buildings. Not only that, Xiong Xuqiang’s unfinished building project also created many firsts among real estate projects, and he was also dubbed the “expert in the renovation of unfinished buildings”.
It can be said that Xiong Xuqiang has really made a lot of money relying on unfinished buildings, and Yinyi Group has also grown in reputation in the industry in the process, and has even become the largest local real estate company in Ningbo One of the enterprises. In fact, during this period, Xiong Xuqiang also branched into other fields and began his own path of diversified development.
In 2011, Yinyi Real Estate was listed on S*ST Languang with a price of 3.3 billion, officially entering the capital market. He "defeated" private equity tycoon Xu Xiang and won the listing platform of central enterprises... The repeated competition for capital allowed Xiong Xuqiang to taste the sweetness of the capital market.
In 2016, Xiong Xuqiang saw the changes in the real estate market and immediately spent tens of billions to enter the automotive field. In the beginning, Xiong Xuqiang’s expectations were good. However, in mid-2018, the downturn in the automobile market put Xiong Xuqiang into a “crisis.”
However, in the same year, Xiong Xuqiang still ascended to the position of "Ningbo's richest man". However, under the title of "richest man", Yinyi Group has begun to be embattled on all sides.
Difficulties in capital turnover, hundreds of millions in debt defaults that could not be repaid as scheduled, and selling projects and stocks to repay debts... Yinyi's situation is not optimistic.
Data from the 2019 annual report show that Yinyi Group is not only facing debt defaults and being riddled with lawsuits, but it is also unable to pay the 1.46 million yuan project payment.
On June 14, 2019, Yinyi applied for bankruptcy and reorganization, and its assets were already higher than its liabilities. Public data shows that as of September 11, 2020, the total market value of "*ST Yinyi" is only 7.250 billion.
Xiong Xuqiang worked hard for 24 years before becoming the "richest man in Ningbo". Unexpectedly, in just over 240 days, the company faced bankruptcy and reorganization, which is also disappointing!