Lin Yu and Shi Wenyong each hold their own opinions, and the whole incident is in a Rashomon state.
html On September 10, Lin Yu, the founder of NQ and , publicly accused Shi Wenyong, chairman of NQ (Lingdong Zhixing), of illegally detaining himself, which resulted in him wearing nearly 20 kilograms of handcuffs every day for a long time.Shi Wenyong issued a statement, saying that Lin Yu had no bottom line and maliciously spread rumors, and would take necessary legal action to fight back. "It was after Lin Yu knew the company's investigation results and company decision in advance last weekend that he took risks and launched a brazen attack on the listed company. Crazy attacks. All this is a crazy method of repaying kindness with vengeance and smashing listed companies for self-interest, which has far exceeded the bottom line of law and morality."
Lin Yu and Shi Wenyong each held their own opinions, and the whole incident was in a Rashomon state.
Who is lying?
html At 8:58 am on September 11, Lin Yu, the founder of NQ, posted on Weibo to call NQ (Lingdong Zhixing) chairman Shi Wenyong, "I'm back, but you are gone, Shi Wenyong. I am currently in the NQ office as a co-director. CEO of CKHutchison, where are you? Although you have been removed from your position by the board of directors and the company, I am still I hope you can return to China, go back to Beijing, go back to NetQin’s office, and confront him face to face?”However, when Sina Technology visited NetQin’s headquarters on September 11, many employees said that they had never seen Lin Yu. , I don’t even know who this person is, and Shi Wenyong is a company executive and has been away from Beijing on a recent business trip. This is different from what Lin Yu said.
On the same day, Shi Wenyong said in an exclusive interview with Lei Di Touch Net that "Lin Yu will repay kindness with hatred" and clarified that he is still performing his duties normally.
At 9:37 a.m. the day before, NetQin CEO Lin Yu posted a Weibo post titled "Founder Lin Yu Returns to NetQin and NetQin (Lingdong Zhixing) Board of Directors and Management Adjustments" with the source being "Han.com" Article link, indicating that he will officially return to NetQin. This article mentioned that "Mr. Shi Wenyong was involved in privately manipulating Xu Ying and cashier Liu Yingli without the approval of the board of directors, and used 512 million cash pledge loans from listed companies as a 50% advance payment for his personal purchase of 22% of Feiliu's equity." Lin Yu It was also announced that Shi Wenyong would be relieved of all positions such as chairman, director, and COO of NetQin, and Lin Yu’s wife Guo Lingyun would serve as chairman. Xu Zemin was removed from his position as director and CEO, and Lin Yu himself took over as CEO and co-chairman.
At the same time, Lin Yu also posted a photo of the "Notification of Case Filing" in his WeChat circle of friends, and wrote that he was kidnapped by Shi Wenyong, the former chairman of NetQin, during which he was tortured inhumanely and narrowly escaped death. The screenshot shows that the case was filed on August 1, 2018, and the time when Lin Yu received the notice of filing was at 13:00 on August 3, 2018.
Regarding this statement, Shi Wenyong said in an interview with "Daily Economic News" that the above-mentioned news about board of directors and management adjustments are untrue. At the same time, Shi Wenyong also posted in WeChat Moments that he had not received any request for assistance or inquiry from the Chaoyang Public Security Bureau and was still performing his duties in the company normally.
Lin Yu said in an interview with Phoenix Technology that there were 13 months where life was like a year, and life was worse than death. For more than 9 months, he wore handcuffs weighing nearly 20 kilograms every day, 24/7, even when sleeping, and in the activity area. He was only 2 meters tall and was punched and kicked. "On the night of November 10, 2016, I was approaching the community on my way home. Suddenly, five or six people came from behind me, carried me into the car with my head covered, and took me away in a few seconds." Lin Yu said that this was completely a professional approach and he had no time to react.
According to Lin Yu, an important reason why he pointed the finger at Shi Wenyong is that Shi Wenyong promised to return the company to Lin Yu at the end of 2016, but just before the return, he was kidnapped and was not rescued by the Beijing police until the end of 2017. .
Lin Yu said that he and his wife hold 54% of the shares, and he is the real founder of NQ, and Shi Wenyong is a latecomer. Lin Yu said that in October 2016, he discovered that in January 2016, Shi Wenyong was suspected of helping Lin Yu sign and transfer 78% of the equity of Beijing Feiliu (the mobile game business of NetQin). Lin Yu also revealed to Phoenix Technology that Shi Wenyong had left the country on August 14.
The story told by Shi Wenyong in an interview with Lei Di Touch Net is very different from Lin Yu's version.Shi Wenyong said that Lin Yu launched a new company at the end of 2015, which was Tianxin Technology, a concept for Internet yacht services. There was no controversy about Lin Yu's departure from NQ.
What really caused the conflict between Lin Yu and NQ’s new management was the transaction between NQ and Wang Zixin Materials in May 2016. At that time, NQ’s Feiliu was valued at 5 billion. Lin Yu demanded a share of the profits from the deal.
At that time, Lin Yu's Internet yacht project encountered a crisis and could not even pay employees' wages. Shi Wenyong lent Lin Yu 5 million in his own name. Shi Wenyong said that after giving the money, Lin Yu promised not to cause trouble with NQ, but he continued to ask the company for money. The asking price for Shi Wenyong was reduced to 200 million, but he asked NQ to give him another 400 million.
As for what Lin Yu mentioned, he and his wife hold 54% of the equity. Shi Wenyong said that RPL’s shareholder is Lin Yu’s wife Guo Lingyun, not Lin Yu himself. Guo Lingyun holds 52%, and Shi Wenyong holds the rest. With Zhou Xu.
html On the afternoon of September 10, the official blog of Lingdong Zhixing posted on Weibo, stating that Lin Yu, the former founder of NetQin, had resigned due to personal reasons on December 11, 2014. Currently, there have been no changes in the management of the company's board of directors.html On September 10, Lingdong Zhixing’s official website issued an announcement announcing the results of an independent investigation conducted by the independent special committee of the company’s board of directors and independent legal counsel Loeb; Loeb LLP; it also announced board changes and a series of remedial measures to improve corporate management and operational control. . The announcement stated that (1) Dr. Lin Yu resigned as CEO and chairman of the company in December 2014, and (2) there was insufficient evidence to prove that Dr. Lin Yu’s letter of resignation from the above-mentioned positions was not authorized or approved by him. Shi Wenyong is not involved in the board of directors changes. The official website of Lingdong Zhixing shows that the founder and chairman is still Shi Wenyong, Xu Zemin is still in the senior management ranks, and Shi Wenyong still serves as the company's chairman of the board of directors and COO. The latest information from the board of directors and management released in the official announcement is consistent with what Shi Wenyong said. As of press time, there has been no further progress in Lin Yu’s accusation of Shi Wenyong’s kidnapping.
The poor state of NQ
The original NQ (now known as Lingdong Zhixing; LKM, NYSE) was the "first overseas IPO stock of domestic mobile Internet" and had its glory, but its glory was always accompanied by controversy.
NetQin started with mobile phone anti-virus, but it has also been controversial due to mobile phone anti-virus. Someone once revealed that NQ was playing a "double act", creating viruses while forcing users to upgrade virus databases to detect and kill viruses, thus making money: Upgrading virus databases costs two yuan.
On March 15, 2011, the day before NQ was preparing for its IPO in the United States, CCTV’s “3.15 Party” criticized NQ by name and exposed a gray industry chain involving malicious deductions for parallel-imported mobile phones. In the exposure of
, CCTV mentioned that after users purchase parallel imports, Feiliu software will be automatically installed, and then the data will be downloaded without any operation by the user. Afterwards, some software will be installed by default, and the phone will malfunction, and other security will be deleted. The software can only be decrypted by NQ, but users need to pay a fee through NQ to update the virus database before it can be used normally.
An investigation by CCTV found that Feiliu and NQ are the same company. NQ is not only the second largest shareholder of Beijing Feiliu Jiutian Technology Co., Ltd., but also directly completed the subsequent acquisition of Feiliu.
In addition, the uninstallation of NetQin Security Guard is very complicated. If you want to uninstall it, you can only flash the machine. At that time, major mobile phone forums were full of complaints about NetQin, and the most discussed post was "How to uninstall NetQin", so that "the world has been suffering from Qin for a long time" has become a ridicule of NetQin rogue software.
In addition to the controversy, NQ’s performance is not impressive. According to data from Oriental Fortune Network, the company's net revenue in 2017 was US$57.61 million, down 5% from US$60.6 million in 2016. The net profit attributable to the parent company in 2016 was a loss of US$127.6 million, and the net profit attributable to the parent company in 2017 was a loss of US$127.6 million. 5.274 million US dollars, a continuous loss.
In January this year, NQin officially changed its name to Lingdong Zhixing and changed its stock code from "NQ" to "LKM". The renamed Lingdong Zhixing will operate around its new positioning as a "pinzhi" travel service operator. . After changing its positioning, Lingdong Zhixing's performance is still in decline.According to the unaudited financial report of Lingdong Zhixing for the fourth quarter and full year of 2017 as of December 31, Lingdong Zhixing's net revenue in the fourth quarter was US$13.4 million, down 23.1% from US$17.5 million in the same period last year. .
The troubled life of the chairman
In addition to Shi Wenyong, the chairman of NetQin who was involved in the kidnapping of Rashomon, since 2018, many chairman of listed companies have had "big things" - lost contact, been detained, ran away... which can't help but lead to... People lament that 2018 has been an eventful year for the chairman of the board.
Missing Chairman
html On May 3, the family of Yang Zishan, chairman of Nanfeng Co., Ltd., a listed company, informed Nanfeng Co., Ltd. that Yang Zishan and his wife had lost contact, and said that they had reported the case. On May 4, Nanfeng Co., Ltd. announced to the outside world that chairman Yang Zishan had lost contact. On May 10, the seventh day after Yang Zishan lost contact, Nanfeng shares stopped falling by the limit for three consecutive times after a resumption of trading, closing down 8.13%.According to Tianyancha, on July 19, 2018, the legal person of Nanfeng Shares was changed from Yang Zishan to Tan Hanqiang, but Yang Zishan still has actual control over Nanfeng Shares and is the largest shareholder of Nanfeng Shares, with a shareholding ratio of 12.37%. It is worth noting that Yang Zishan holds about 62.99 million Nanfeng shares, almost all of which are in a pledged state. According to the announcement of Nanfeng Shares on the evening of May 10, the 36 million shares pledged by Yang Zishan have reached the liquidation line, and there is a risk of liquidation.
At the same time, Nanfeng Shares said that the company has preliminary knowledge that Yang Zishan's personal loan involving stock pledge is about 360 million yuan (Nanfeng Shares are not involved). At the same time, Yang Zishan may also fraudulently use the name of Nanfeng Shares as a borrower or guarantor. The debt amount is approximately 380 million yuan (unverified) and other personal debts not involved in Nanfeng Shares (the specific amount is unknown). In other words, Yang Zishan's current debt is at least 740 million yuan.
html On June 28, the official website of Nanfeng Shares issued the "Announcement Regarding the Company and Yang Zishan's Receipt of the Notice of Investigation from the China Securities Regulatory Commission". The announcement stated that on June 28, 2018, Nanfeng Shares received the original notice of investigation from the China Securities Regulatory Commission on the company and the company. The "Investigation Notice" issued by Chairman Mr. Yang Zishan stated that because the company and Mr. Yang Zishan were suspected of illegal information disclosure, in accordance with the relevant provisions of the "Securities Law of the People's Republic of China", it was decided to launch an investigation into the company and Mr. Yang Zishan.In the four months since Yang Zishan lost contact, Nanfeng Shares issued ten progress announcements about Yang Zishan’s missing incident. However, so far, Yang Zishan is still out of contact. The official has not updated this since August 17. the progress of the incident.
Three months after Yang Zishan lost contact, the chairman of another listed company lost contact.
html On the evening of August 20, Steyr issued an announcement and was unable to contact Chairman Li Xiaozhen. As of now, the company has not been able to understand the specific reason for Li Xiaozhen's disappearance. At that time, the post-80s chairman had only been in office for less than a month.Half a month after Steyr issued the announcement, an insider revealed to the Beijing News that Chang Li Xiaozhen was arrested on suspicion of a case related to Yingda Steel Structure and is still under police investigation. A staff member of the Shengyuan Subdistrict Office, who belongs to the same team as the Shengli Industrial Park where Yingda Steel Structure belongs, also told the Beijing News reporter that "Li Xiaozhen was indeed arrested."
According to people familiar with the matter, on August 13, Li Xiaozhen had already written a resignation letter in the detention center, saying that due to personal reasons, he had no time to continue to perform his duties as chairman and director. In order not to affect the company's governance and development, he now applied for resignation. Positions held as Chairman and Director of Steyr.
html On August 30, a reporter from the Beijing News asked the Steyr Secretary-General’s Office for confirmation. The staff of the Secretary-General’s Office said that they had not said that Chairman Li Xiaozhen had been arrested, and they currently do not know the relevant situation of Li Xiaozhen.22 days have passed, and there has been no new progress in the case of Li Xiaozhen’s disappearance. Steyr officials have not announced any news about Li Xiaozhen’s disappearance.
The detained chairman
is different from the confusing situation of Steyr chairman Li Xiaozhen. The chairman of Jiuyou Shares has been confirmed to have been detained. It is less than a year since he took over Jiuyou Shares.
html On August 27, according to the announcement of the listed company Jiuyou Shares (600462.SH), the company’s chairman and general manager Han Yue was criminally detained by the Fengxian Branch of the Shanghai Public Security Bureau on suspicion of illegally absorbing public deposits. Another announcement released at the same time showed that the shares held by the company's major shareholder Tianjin Shengxin Yuantong Co., Ltd. (hereinafter referred to as "Tianjin Shengxin") were frozen, totaling 102 million shares, accounting for 19.06% of the total share capital of Jiuyou Shares. The actual controller and legal representative of Tianjin Shengxin is Han Yue.Less than a year ago, the controlling stake of Jiuyou Shares changed hands, and Han Yue became the actual controller of Jiuyou Shares. Another identity of Han Yue is that he is the founding partner of Chunxiao Capital, a new venture capital in recent years.
From the perspective of Chunxiao Capital, Hanyue and Chunxiao Capital are not involved in absorbing public deposits. The cause of Hanyue's accident was the three P2P platforms invested by Chunxiao Capital: Junrongdai, Niubanjin and Jucaimao.
In July this year, these three platforms experienced thunderstorms one after another; before and after this incident, some media had already revealed that the platforms invested by Chunxiao Capital were engaged in self-financing and self-protection. In response to media reports, Chunxiao Capital issued a statement on August 20, stating that the P2P projects it invested in and the cooperation with other invested companies were market-oriented behaviors between them, and there was no so-called self-financing, and clarified that The information claiming that "Chunxiao Capital ran away" is untrue.
However, judging from the actions of the Fengxian police, Chunxiao Capital’s statement is untenable. Han Yue, as a core figure of Chunxiao Capital, was indeed involved in illegally absorbing public deposits on the invested platform.
As of September 11, Chunxiao Capital has not officially stated its position on this matter. Jia Yueting, the "pioneer" of
's defected chairman
's defection, has started a new career in the United States, but Wang Yonghong, the "latecomer", has still not appeared in the public eye. On September 10, Zhonghong Co., Ltd. stated in response to investors’ questions that the actual controller has been publicly condemned by the Shenzhen Stock Exchange. He is currently in Hong Kong to discuss restructuring and other matters, and the contact remains open. Two months after
was rumored to have "ran away", it was confirmed that the news that Wang Yonghong was in Hong Kong was true.
Previously, when a reporter from "China Entrepreneur" visited Zhonghong Building , the building's cleaning staff intuitively determined that "Wang Yonghong ran away." The reason was that the door of No. 8 International Building, East District, Zhonghong Co., Ltd.'s headquarters was locked from the inside, and the building was under construction next to it. The Zhonghong Building has also been suspended for a long time.
At that time, Zhonghong Co., Ltd. was in trouble, with many projects in a crisis of suspension, and the scale of overdue debts was also expanding. As of June 22, the amount of various borrowings had reached 4.113 billion yuan. At that time, news spread that Wang Yonghong went to Hong Kong to save Zhonghong Holdings.
Wang Yonghong’s Jiangxi fellow Lai Xiaomin once helped him wholeheartedly. In the development history of Zhonghong Shares, China Huarong, which was controlled by Lai Xiaomin, contributed a lot and had huge financial risk exposure. He once arranged for Shenzhen Harbor Bridge Fund to act as a white knight, hoping to Zhonghong reorganized. But later Lai Xiaomin was dismissed and he could not protect himself. Wang Yonghong lost his biggest supporter.
It is worth noting that Wang Yonghong was also involved in the Xu Xiang case and was suspected of manipulating stock prices. Among the executives of listed companies involved in the case that private equity tycoon Xu Xiang testified during the interrogation process were Wang Yonghong and board secretary Jin Jie. In 2013, Wang Yonghong sold stocks in advance through large-scale transactions, and then used concepts such as high transfers of Zhonghong shares and entering the field of mobile games to raise the stock price and make profits from selling. On August 16, 2016, the legal person of Zhonghong Co., Ltd. was changed from Wang Yonghong to Wang Jihong, and the company’s actual controller Wang Yonghong withdrew from the board of directors.
"People in their company said (Wang Yonghong) just makes market value and then cashes out." A person close to Zhonghong Group revealed to "Chinese Entrepreneur". As the actions of regulatory authorities gradually deepen, "Thelma and Louise" Wang Yonghong may be coming to an end.
This article comes from the Chinese Entrepreneur Magazine
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