Text | AI Finance Editor Niu Geng | Ming Xuan In China, succession has become a common problem faced by family businesses. Family businesses in China account for about 85% of all private companies. A report from Shanghai Jiaotong University pointed out that 82% of children are un

| AI Finance and Economics Editor Niu Geng

| Mingxuan

In China, succession has become a common problem faced by family businesses. Family businesses in China account for about 85% of all private companies. A report from Shanghai Jiaotong University pointed out that 82% of children are unwilling to take over.

Cao Dewang, chairman of Fuyao Glass, finally no longer has to worry about his successor. He told the media that his son Cao Hui will take over the reins of the world's largest automotive glass supplier. Years of father-son struggle have come to an end.

After 30 years of hard work, Cao Dewang built Fuyao Glass into a market value of 64.1 billion, but there was not a day that went by that he was not troubled by wealth. When his daughter Ye Shu got married, Cao Dewang strongly opposed it. He was worried that he was interested in the Cao family's money: "He graduated from Xiamen University and is handsome. Will he marry you with such good conditions?" His daughter's son-in-law is Mingzhi, who has been working in Australia for many years.

Son Cao Hui was also estranged from his father because of family wealth. Cao Dewang hopes that his son will inherit his father's legacy: "He is not as good as a senior executive, but he is my son." However, Cao Hui insisted on running away to start a business and would rather sleep in the staff dormitory than live in Cao Dejian's mansion. "He said I was too extravagant."

Family wealth may be a blessing or a hindrance. Wang Sicong, the son of former richest man Wang Jianlin, lives a willful and unrestrained life, buying sports cars and exchanging girlfriends, spending a lot of money. Liang Zaizhong, son of Liang Wengen, chairman of Sany Heavy Industry, is also the son of the former richest man, but he is bound by the fate of his successor. He complains that his life is arranged and he has no freedom.

In the movie "The Godfather", Mike heard that his brother and father had planned his life for him at the dinner table. He rose up to resist, broke away from the line, and eventually became a new generation of godfather. In reality, there are also tricks of fate: abandoning the family but surpassing his father, trying to keep the family business but self-defeating.

In China, family businesses account for about 85% of private enterprises, but more than 80% of them have children who are unwilling to take over. When the big wave of corporate dynasty comes, how should these once mainstays of Chinese business make choices?

The sad past of the second generation of the enterprise

The matter of succession has troubled Cao Dewang for many years. This may be a common worry among Chinese family businesses.

In March 2017, the issue of succession caused a minor disturbance. At that time, Zuo Min resigned as general manager of Fuyao Glass, and some people speculated that he was giving way to Cao Hui. Zuo Min is a veteran of Fuyao and the adopted son of Cao Dewang. He was promoted by Cao Dewang and took over as general manager when Cao Hui left in 2015. It can be said that as an outsider to the Cao family, he witnessed the struggle between father and son in succession.

At that time, everyone thought it was Cao Hui who came back, but Cao Dewang's son-in-law Ye Shu took over 10 days later. Cao Dewang said frankly that this was a helpless move and he was sending someone to do Cao Hui's work. "If he is not the chairman, what should I do if he calls me an old man?"

Cao Dewang said that he must make Cao Huilai the chairman this year or next year at the latest. Now it seems that Cao Hui still accepted his father's arrangement.

Cao Hui, director of Fuyao Glass, and

, the eldest son of chairman Cao Dewang, refused to take over because Cao Hui did not agree with the idea of ​​"son inheriting the father's legacy." He once said: "Look at Buffett in the United States, he has a whole mountain of real estate, and in the end his children will not inherit it." Regarding the luxurious villa that Cao Dewang built for himself, Cao Hui admitted that it was too extravagant and that it was not possible to live a superior life. It is good for the younger generation.

In an interview, Cao Dewang led the reporter through the empty corridors, and the wardrobes in each room were empty. "Cao Hui is the eldest son, and this is what he should inherit." He said that this house is better than his and his wife's own, and has first-class facilities. But Cao Hui just didn't want to move in.

Cao Dewang lived a hard life. His family was relatively backward and had sold cigarettes and fruits. He used to go to buy goods at 3 a.m. every day. Later, he worked as a salesman in a state-owned glass factory. In 1993, he contracted the factory and became famous for his glass produced with seamless molds. "I go from house to house selling, and I'm no different from a beggar. Everyone who makes auto parts across the country knows me." He didn't want his son to live a hard life anymore.

Sometimes Cao Dewang says that he wants to return wealth to society, but in front of the camera he will still express his sincerity: "Leave the company to professional managers? It's not necessary. We want to pass on the family business.""

" I told my management: Cao Hui is my son, and he is not as good as you in terms of level and qualifications. But he has one who is better than you. He is Cao Dewang's son. He holds stocks that can determine the direction of Fuyao, which no one can replace. "If I leave it to you," he pointed at the professional manager opposite, "I will definitely beat him to pieces." But with Cao Hui here, no one could say anything. "

His worries are not unreasonable. Infighting among successors often causes the family to fall apart. Hong Kong Nan Fung Group originally had properties worth more than HK$100 billion in Hong Kong and the United States, which were handed over to the two daughters of the founder. But the founder After Chen Tinghua's death, the two sisters began to go to court, questioning their father's decision during his lifetime to divide the family property. In the end, the family was shattered.

In contrast, Cao Dewang had made plans early and got on his horse for a ride. The family property was handed over to Cao Hui, leaving his two sons. No one will take over. In this way, if someone is dissatisfied, he will have to challenge the leader before his death. The difficulty can be imagined.

Cao Dewang is not the only one to do this. The shoe-making Kangnai Group has been in business for more than 30 years and opened in 2016. Revenue of 2.1 billion yuan. Founder Zheng Xiukang made plans early on to let his son Zheng Laiyi take over and his daughter Zheng Laili to assist. He set a procedure for his daughter to "lead, help, and watch". Let the daughter continue to be the vice president of the group to ensure that the son takes over smoothly.

The daughter is not without complaints. When she just graduated, she thought about starting her own business, but her father said: "You are just an employee here, and you will have shares in Cornell. "Zheng Laili asked, how many will there be? Zheng Xiukang said, you asked this out of personal interests and did not think about the interests of the family."

After many years, when Zheng Laili became familiar with the family business, she offered to give up her seat to her younger brother. . Sammi Cheng praised her for being sensible: "Girls develop a few years earlier than boys. When Riley reaches 50 years old, she will decline. My younger brother was full of energy at that time..." In any case, the iron rule is that sons inherit their father's business. It cannot be changed.

Faced with the overbearing patriarchal dictatorship, the second generation of enterprises often have no choice but to give up resistance and enjoy themselves in hardship. Liang Wengen is the chairman of Sany Heavy Industry and the richest man in China in 2011. He also arranged for his son Liang Zaizhong to take over very early. The son's life has been spent in planning: at the age of 16, he was arranged to sit on the board of directors, at the age of 18, he was arranged to study in the UK, and at the age of 22, he entered Sany Heavy Industry, from the position of workshop scheduler to the director of the group.

Liang Zaizhong said that every change in his life was arranged. I don't have a rebellious period, I just do whatever my father asks me to do. When he was in love, he said that his family was like "choosing a princess": "They don't care what kind of woman you are next to, they care what kind of grandson this woman brings." "Pressure is my destiny."

Sanyi Liang Zaizhong, director of of Heavy Industry Group, and son of chairman Liang Wengen

In the eyes of his son, Liang Wengen is a person with no life and only likes walking, mountain climbing and meetings. Liang Zaizhong felt that he was becoming more and more like his father, and he finally accepted his fate and accepted the family's arrangements. "From thinking it was magical, to thinking it was nothing more than this, to thinking it is really not easy. When I did it myself, I realized that it was a very human wisdom."

In China, succession has become a common problem faced by family businesses. Family businesses in China account for about 85% of all private companies. In the 2015 China Rich List, 67% of the rich were over 50 years old and faced succession problems. But according to a leader in Jiangsu, 95% of their children are unwilling to take over. A report from Shanghai Jiao Tong University pointed out that 82% of children are unwilling to take over.

Many family businesses have founders who have seized the opportunities of reform and opening up, and with the support of local governments, they have unique opportunities to rise. They speak for themselves within the company and manage the company with precise judgment and a paternalistic style, which is incompatible with the professional manager system. In fact, quite a few family businesses agree that the business strategy of successors is more long-term than that of professional managers.

has no one to take over, and the result may be that the family business falls into the hands of others or even disappears. According to statistics, the average inheritance loss of Chinese family businesses is about 60%, and in Hong Kong it reaches 80%. It is estimated that within 5 to 10 years, China will have 3 million businessmen and will need to find suitable successors for family businesses.Written by

| AI Finance and Economics Editor Niu Geng

| Mingxuan

In China, succession has become a common problem faced by family businesses. Family businesses in China account for about 85% of all private companies. A report from Shanghai Jiaotong University pointed out that 82% of children are unwilling to take over.

Cao Dewang, chairman of Fuyao Glass, finally no longer has to worry about his successor. He told the media that his son Cao Hui will take over the reins of the world's largest automotive glass supplier. Years of father-son struggle have come to an end.

After 30 years of hard work, Cao Dewang built Fuyao Glass into a market value of 64.1 billion, but there was not a day that went by that he was not troubled by wealth. When his daughter Ye Shu got married, Cao Dewang strongly opposed it. He was worried that he was interested in the Cao family's money: "He graduated from Xiamen University and is handsome. Will he marry you with such good conditions?" His daughter's son-in-law is Mingzhi, who has been working in Australia for many years.

Son Cao Hui was also estranged from his father because of family wealth. Cao Dewang hopes that his son will inherit his father's legacy: "He is not as good as a senior executive, but he is my son." However, Cao Hui insisted on running away to start a business and would rather sleep in the staff dormitory than live in Cao Dejian's mansion. "He said I was too extravagant."

Family wealth may be a blessing or a hindrance. Wang Sicong, the son of former richest man Wang Jianlin, lives a willful and unrestrained life, buying sports cars and exchanging girlfriends, spending a lot of money. Liang Zaizhong, son of Liang Wengen, chairman of Sany Heavy Industry, is also the son of the former richest man, but he is bound by the fate of his successor. He complains that his life is arranged and he has no freedom.

In the movie "The Godfather", Mike heard that his brother and father had planned his life for him at the dinner table. He rose up to resist, broke away from the line, and eventually became a new generation of godfather. In reality, there are also tricks of fate: abandoning the family but surpassing his father, trying to keep the family business but self-defeating.

In China, family businesses account for about 85% of private enterprises, but more than 80% of them have children who are unwilling to take over. When the big wave of corporate dynasty comes, how should these once mainstays of Chinese business make choices?

The sad past of the second generation of the enterprise

The matter of succession has troubled Cao Dewang for many years. This may be a common worry among Chinese family businesses.

In March 2017, the issue of succession caused a minor disturbance. At that time, Zuo Min resigned as general manager of Fuyao Glass, and some people speculated that he was giving way to Cao Hui. Zuo Min is a veteran of Fuyao and the adopted son of Cao Dewang. He was promoted by Cao Dewang and took over as general manager when Cao Hui left in 2015. It can be said that as an outsider to the Cao family, he witnessed the struggle between father and son in succession.

At that time, everyone thought it was Cao Hui who came back, but Cao Dewang's son-in-law Ye Shu took over 10 days later. Cao Dewang said frankly that this was a helpless move and he was sending someone to do Cao Hui's work. "If he is not the chairman, what should I do if he calls me an old man?"

Cao Dewang said that he must make Cao Huilai the chairman this year or next year at the latest. Now it seems that Cao Hui still accepted his father's arrangement.

Cao Hui, director of Fuyao Glass, and

, the eldest son of chairman Cao Dewang, refused to take over because Cao Hui did not agree with the idea of ​​"son inheriting the father's legacy." He once said: "Look at Buffett in the United States, he has a whole mountain of real estate, and in the end his children will not inherit it." Regarding the luxurious villa that Cao Dewang built for himself, Cao Hui admitted that it was too extravagant and that it was not possible to live a superior life. It is good for the younger generation.

In an interview, Cao Dewang led the reporter through the empty corridors, and the wardrobes in each room were empty. "Cao Hui is the eldest son, and this is what he should inherit." He said that this house is better than his and his wife's own, and has first-class facilities. But Cao Hui just didn't want to move in.

Cao Dewang lived a hard life. His family was relatively backward and had sold cigarettes and fruits. He used to go to buy goods at 3 a.m. every day. Later, he worked as a salesman in a state-owned glass factory. In 1993, he contracted the factory and became famous for his glass produced with seamless molds. "I go from house to house selling, and I'm no different from a beggar. Everyone who makes auto parts across the country knows me." He didn't want his son to live a hard life anymore.

Sometimes Cao Dewang says that he wants to return wealth to society, but in front of the camera he will still express his sincerity: "Leave the company to professional managers? It's not necessary. We want to pass on the family business.""

" I told my management: Cao Hui is my son, and he is not as good as you in terms of level and qualifications. But he has one who is better than you. He is Cao Dewang's son. He holds stocks that can determine the direction of Fuyao, which no one can replace. "If I leave it to you," he pointed at the professional manager opposite, "I will definitely beat him to pieces." But with Cao Hui here, no one could say anything. "

His worries are not unreasonable. Infighting among successors often causes the family to fall apart. Hong Kong Nan Fung Group originally had properties worth more than HK$100 billion in Hong Kong and the United States, which were handed over to the two daughters of the founder. But the founder After Chen Tinghua's death, the two sisters began to go to court, questioning their father's decision during his lifetime to divide the family property. In the end, the family was shattered.

In contrast, Cao Dewang had made plans early and got on his horse for a ride. The family property was handed over to Cao Hui, leaving his two sons. No one will take over. In this way, if someone is dissatisfied, he will have to challenge the leader before his death. The difficulty can be imagined.

Cao Dewang is not the only one to do this. The shoe-making Kangnai Group has been in business for more than 30 years and opened in 2016. Revenue of 2.1 billion yuan. Founder Zheng Xiukang made plans early on to let his son Zheng Laiyi take over and his daughter Zheng Laili to assist. He set a procedure for his daughter to "lead, help, and watch". Let the daughter continue to be the vice president of the group to ensure that the son takes over smoothly.

The daughter is not without complaints. When she just graduated, she thought about starting her own business, but her father said: "You are just an employee here, and you will have shares in Cornell. "Zheng Laili asked, how many will there be? Zheng Xiukang said, you asked this out of personal interests and did not think about the interests of the family."

After many years, when Zheng Laili became familiar with the family business, she offered to give up her seat to her younger brother. . Sammi Cheng praised her for being sensible: "Girls develop a few years earlier than boys. When Riley reaches 50 years old, she will decline. My younger brother was full of energy at that time..." In any case, the iron rule is that sons inherit their father's business. It cannot be changed.

Faced with the overbearing patriarchal dictatorship, the second generation of enterprises often have no choice but to give up resistance and enjoy themselves in hardship. Liang Wengen is the chairman of Sany Heavy Industry and the richest man in China in 2011. He also arranged for his son Liang Zaizhong to take over very early. The son's life has been spent in planning: at the age of 16, he was arranged to sit on the board of directors, at the age of 18, he was arranged to study in the UK, and at the age of 22, he entered Sany Heavy Industry, from the position of workshop scheduler to the director of the group.

Liang Zaizhong said that every change in his life was arranged. I don't have a rebellious period, I just do whatever my father asks me to do. When he was in love, he said that his family was like "choosing a princess": "They don't care what kind of woman you are next to, they care what kind of grandson this woman brings." "Pressure is my destiny."

Sanyi Liang Zaizhong, director of of Heavy Industry Group, and son of chairman Liang Wengen

In the eyes of his son, Liang Wengen is a person with no life and only likes walking, mountain climbing and meetings. Liang Zaizhong felt that he was becoming more and more like his father, and he finally accepted his fate and accepted the family's arrangements. "From thinking it was magical, to thinking it was nothing more than this, to thinking it is really not easy. When I did it myself, I realized that it was a very human wisdom."

In China, succession has become a common problem faced by family businesses. Family businesses in China account for about 85% of all private companies. In the 2015 China Rich List, 67% of the rich were over 50 years old and faced succession problems. But according to a leader in Jiangsu, 95% of their children are unwilling to take over. A report from Shanghai Jiao Tong University pointed out that 82% of children are unwilling to take over.

Many family businesses have founders who have seized the opportunities of reform and opening up, and with the support of local governments, they have unique opportunities to rise. They speak for themselves within the company and manage the company with precise judgment and a paternalistic style, which is incompatible with the professional manager system. In fact, quite a few family businesses agree that the business strategy of successors is more long-term than that of professional managers.

has no one to take over, and the result may be that the family business falls into the hands of others or even disappears. According to statistics, the average inheritance loss of Chinese family businesses is about 60%, and in Hong Kong it reaches 80%. It is estimated that within 5 to 10 years, China will have 3 million businessmen and will need to find suitable successors for family businesses.

would rather join the new economy.

Speaking of his son not taking over, Cao Dewang said: "He thought my industry was not high-end enough, so he started his own business."

The Sanfeng Group founded by Cao Hui aims to provide global automobile brand manufacturers. Parts, not limited to automotive glass. The purpose of acquiring Sanfeng Group this time is to avoid related transactions in glass and pave the way for takeover.

The main reason why he is willing to return to Fuyao is that he realizes the importance of Fuyao and he also wants to do the automotive aftermarket. In 2017, the number of cars in China was 210 million, and the value of maintenance services has increased rapidly. According to Cao Hui's prediction, China's automotive aftermarket will reach a scale of one trillion in 2020.

In addition, the Cao father and son also have similar love for manufacturing: Cao Dewang said that he is the kind of person who is willing to squat outside the workshop to guard the stove; when Cao Hui started his business, he also stayed in the employee dormitory every day for food and accommodation, just to save 40 Minutes drive home.

Unfortunately, not all second-generation entrepreneurs can recognize the value of their father’s industry. The advantages of the manufacturing industry that their parents relied on are disappearing: labor costs are rising, the foreign exchange market is turbulent, the Internet and financial real estate are competing for funds... Young people either prefer technology product manufacturing, or they simply go to the sexier fields of the Internet, entertainment and other fields.

The strong twist is not sweet. Haixin Steel's and Li Zhaohui are an example of forced succession and loss of family property. In 2003, Li Haicang, chairman of Haixin Iron and Steel Group, died unexpectedly. His son Li Zhaohui was unwilling to do so, but his grandfather supported him to take over. Haixin Steel, which he took over, has a total asset value of more than 4 billion yuan and is a major pillar of the local industry. There is a saying that "three meals in the county come from Haixin." Three years before

took office, Haixin Steel still maintained its upward trend. In 2006, the Shanghai Composite Index soared to more than 6,000 points. Li Zhaohui could not resist the temptation and joined the stock market. The company neglected to be taken care of. He had no original intention to do this. Coupled with the surge in ore raw materials and the elimination of backward production capacity by the country, Haixin Steel's net profit margin dropped from 8% to 0.48%. The company began laying off employees without paying wages. In 2014, Haixin Steel ceased production completely, and creditors came to collect debts intensively. In November of the same year, Haixin Steel entered bankruptcy proceedings.

It was later reported that Haixin Steel had "lost its entrepreneurial spirit" and completely deviated from its main channel, which deeply disturbed many creditors. Li Zhaohui's first demand is not to do a good job in steel, but that the total asset value cannot be reduced. Therefore, when the steel industry encountered a cold spell, his first reaction was to withdraw from stock trading and make quick money to tide over the crisis.

Compared with Li Zhaohui, many second-generation enterprises are very free and easy: they wave their sleeves, say goodbye to the family business, and join the new economy that they are better at. Many of them have received good results. After all, they are catching up with the good era of entertainment and technological development. They are better at using money from the old economy to develop the new economy than their parents. The most famous person of

is of course Wang Sicong. When he graduated from college, Wang Jianlin gave his son 500 million to practice, and asked him to "fail 20 times, and if he doesn't do well, he will go back to work at Wanda ." Unexpectedly, Wang Sicong invested in Xiaoguo Culture, LeTV Sports , Ferris Wheel Ticketing, Hero Interactive Entertainment, Wangyu Internet Cafe and other projects, and his net worth rose to 4 billion yuan in 2015.

Investment is not enough. He also founded Panda TV by himself, using his fame to save a lot of advertising fees. The Banana Project spans the fields of sports, video games, music, and performance management. He has a long sleeve in the entertainment industry and has recruited a large number of talents. At the beginning of this year, Wang Sicong posted a Weibo post announcing the live broadcast of coin-distribution, and Zhang Yiming, Zhou Hongyi, and Feng Yousheng immediately followed. No wonder some people say: On the Internet, Wang Jianlin has only one precious son left who can make waves.

Wang Sicong, director of Wanda Group and son of chairman Wang Jianlin

It seems that Wang Jianlin is not worried about succession. He said that his son didn't listen to me and didn't want to live a life like mine. Maybe it would be better to leave it to a professional manager. Compared with the traditional closed manufacturing industry, Wanda’s succession problem seems to be further away.

Of course, even if he did not take over the family business, Wang Sicong did not hesitate to use his father's money. He is very "open-minded" on this matter: he is the son of the richest man, and if you have money, you should invest it, as it is only natural. Being scolded by netizens, "Without your dad, you are nothing", Wang Sicong didn't care: I was born in such a family. Without my parents, of course there would be no me.

Another person who did not inherit his father's business and made a name for himself in the new economy is Liu Qing. Her father, Liu Chuanzhi, founded Lenovo Group and is China's business godfather. He can be found in Taishan Club, China Enterprise Club, and Zhenghe Island. Even though Lenovo is deeply involved in the 5G voting whirlpool, Liu Chuanzhi has more than a hundred Chinese entrepreneurs speaking out for him with just one phone call.

was asked: Legend Holdings invested in China Car Rental, daughter Liu Qing joined Didi, niece Liu Zhen went to Uber China, was it arranged by Liu Chuanzhi? Liu Chuanzhi categorically denied: It was all by chance, they chose their own careers.

Liu Qing entered Goldman Sachs after graduating from Harvard with a master's degree, first in the investment banking department, and then in the direct investment department. In 2014, she negotiated to invest in Didi on behalf of Goldman Sachs, but was eventually poached because of a joke. According to legend, Cheng Wei was very polite to Liu Qing. When he heard her offer for an annual salary of US$4 million, he said, "Half of Didi's salary is yours, and the rest belongs to all of us."

After Liu Qing became the COO of Didi, he promoted the merger of Didi and Kuaidi. Because she was familiar with Jack Ma, Ma Huateng, Liu Chiping, the merger was chosen on February 14th. This merger was also called the "Valentine's Day Plan." In 2015, Uber started a war with Didi in China. Liu Qing took action again, attracting a US$1 billion investment from Apple. At this point, Liu Qing has established her position in Didi.

But it is impossible to know how much of Liu Qing's career benefited from the influence of the Chinese godfather Liu Chuanzhi. The development of online ride-hailing is greatly restricted by local policies. It is necessary to maintain a good relationship with local governments and the interests of all parties, which Cheng Wei is unable to do. Compared with Alibaba’s Tsai Chongxin and Tencent ’s Liu Chiping, how much help does Liu Qing have in Didi’s financing come from outside the investment banking background? This is also a question.

Historically, Didi has never underestimated the influence of policies. It once poached government bureau-level cadres to serve as chief development officers, which shocked the country for a while. Didi Vice President Zhang Bei was the former deputy director of the Taxi Management Division of the Transportation Services Department. In the field of shared travel, policy is the lifeblood. It is said that when Zhu Xiaohu invested in ofo, he also took a fancy to Dai Wei's background as the chairman of the Peking University Student Union.

Among the second generation of enterprises, there are some who have almost never relied on their parents to make their way in the world alone. Wang Xuehong, daughter of Taiwan's richest man and founder of Formosa Plastics Group Wang Yongqing, did not join Formosa Plastics after graduation. Instead, she used the house given by her mother as a mortgage and borrowed 5 million yuan to buy chip manufacturing in Silicon Valley. Company VIA Electronics. At that time, Taiwan's electronics industry was rising and the upstream industry was improving. By 1999, 70% of the world's computer motherboards came from VIA Electronics, which was also successfully launched in Taiwan.

When Intel entered Taiwan, Wang Xuehong founded HTC at the right time and quickly became one of the largest companies in the world of handheld terminals. In 2011, Wang Xuehong and her husband became the richest people in Taiwan, reaching the height of their father. "Girls should look like Wang Xuehong" has also spread throughout Taiwan.

When Formosa Plastics Group's light chemical projects were repeatedly stranded due to politics on the island, Wang Xuehong continued to stay at the forefront by relying on technological product manufacturing. It is a pity that when the Internet tide arrives, no one in the descendants of Formosa Plastics Group can grasp it. In 2014, Jack Ma went to Taipei and said to Taiwanese entrepreneurs: "Unfortunately, Taiwan seems to have not heard of any new companies and entrepreneurs in the past 15 years."

According to Chinese economist Li Yining, family businesses are not good at innovation. . The goal of a family business is to do a good job in the "economic account": to increase the value of family wealth; and to do a good job in the "social account": to take care of the weak in the family. However, restrictions on successors and conservative risk preferences often prevent family businesses from moving forward when the situation changes.

Perhaps for this reason, a group of second-generation entrepreneurs who do not want to inherit their father's business and want to join the new economy are the most likely to complete the industrial conversion of capital and continue the family wealth. After all, compared to his peers, Wang Sicong's business training is unparalleled. Liu Qing's father is still prestigious and can help her in the Internet industry.

Enjoy the lifestyle of an investor

Being able to start a family business and protect future generations is one of the best in itself.What are the chances that their children will become the best among men? Perhaps it is normal to use family money to hold parties and make investments.

According to the white paper of China Europe International Business School , the biggest daily consumption of second-generation enterprises is parties, accounting for 28%; followed by travel, accounting for 27%. This is the daily life of the second-generation entrepreneurs who live a comfortable life.

Rumor has it that Zhu Xinli, the founder of Huiyuan Juice, has strict requirements on his daughter and is not allowed to buy expensive items. Once Sun Xianhong, the former vice president of Mengniu, came to Huiyuan to give a lecture. He said to Zhu Xinli: "You want bigger brands, such as bags, LV." Zhu Xinli didn't understand, what LV? Sun Xianhong said, "That's the bag your daughter is carrying." It turned out that daughter Zhu Shengqin was afraid of her father's anger, so she lied that her bag only cost one or two hundred yuan.

Zhu Xinli’s son, Zhu Shenghua, resigned from Huiyuan after one year to play golf. Zhu Xinli was also cheerful, "It's good to be ranked first."

In addition to lifestyle, the second generation of enterprises often cannot understand the business wisdom of their parents. Zong Fuli, the daughter of Zong Qinghou, the founder of Wahaha Group, often makes it difficult for internal employees, who think she is too strict. When her father transferred veterans stationed in other places back to the headquarters, she also objected, believing that they should be allowed to retire with money. When facing officials, Zong Fuli's straightforward tone also left them at a loss.

Sometimes, Wahaha seniors privately remind her to be more tolerant of others. Zong Fuli felt unable to understand. Zong Qinghou said that his daughter needs to be more cautious.

have never experienced their parents working hard for every penny. The second generation of entrepreneurs often enjoy the lifestyle of investors more: with the first pot of gold, they no longer have to work hard. In addition, they have studied finance and management abroad and are good at letting others work. , so I enjoy the superior life of investors more and don’t want to put my hands in the soil.

Compared with inheriting the family business, investing is indeed a good career. Reports show that China's return on capital has remained above 20% since its reform and opening up, and has even been increasing year by year. As a top investment institution said in a letter to entrepreneurs, in China, “Money is mother.” The second generation of enterprises have money, and it is natural for them to invest. Wang Fuye, a partner of

Assembly Capital, is the son of Wang Zhongjun, the head of Huayi. When he returned to China at the age of 22, Mr. Wang was unwilling to land in Huayi, so Wang Zhongjun arranged for him to work in an investment bank. Soon he discovered that "playing with other people's money is worse than playing with your own money." Sometimes Wang Zhongjun asked Wang Fuye, "What companies have you invested in?" Wang Fuye was also a little helpless, "You have invested in the three most profitable games in China, what should I invest in? It would be good to get returns."

Wang Fuye, the founder of Jiehao Capital, is the son of Wang Zhongjun, the chairman of Huayi Brothers .

Sometimes, peers also express disdain for Wang Fuye, and entrepreneurs are unwilling to take his money. Mr. Wang also feels, "I feel silly if I am rejected by entrepreneurs just because I am a second generation. The second generation is still grassroots and was chosen by God. Why refuse money?"

Director of Yinlu Food Group Chen Chaozong, son of Chen Qingyuan, established Yudao Investment Management Co., Ltd. He sometimes discusses PE and stock investment with his father and gets guidance and benefits a lot. "Because I was born in Xiamen, I would often watch Taiwanese variety shows when I was a child. Now it's the other way around. Everyone talks about domestic variety shows." Benefiting from this inspiration, he invested in an online movie project that allowed the audience to vote to determine the fate of the characters.

He Jianfeng, the son of He Xiangjian, the founder of Midea Group , did not succeed Midea, but founded Heying Investment. He himself founded the small home appliance OEM company "Infore Group" and also facilitated Midea's acquisition of Shangfeng Hi-Tech and E Fund. In 2008, He Xiangjian once said that Midea is not a family business and does not worry about successors. If the son doesn't want to return, he can just leave it to a professional manager.

SOHO China Chairman Pan Shiyi's son Pan Rui once visited the construction site of China Construction Group and studied the drawings with the workers. Now he is studying for a PhD in the UK and doing UK real estate investment.

R&F Real Estate President Zhang Li’s son tensor founded Black Hole Investment.It has invested in many well-known projects: Lalamove, Xiaolan Bicycle, Binance, Silicon Valley Agent, Fang Commander, etc.

Compared with family companies that appoint successors, these companies that are willing to let their sons invest have many things in common: they are founded later and the founders are younger; the ownership structure is more complex and has even been listed, making it difficult to directly appoint a successor; Involving entertainment, real estate, investment and other businesses, the main business has not declined. Not only are the second-generation entrepreneurs able to invest money freely, but their fathers are not from poor backgrounds and have a more open-minded attitude towards money.

Another person who did not inherit his father's business and made a name for himself in the new economy is Liu Qing. Her father, Liu Chuanzhi, founded Lenovo Group and is China's business godfather. He can be found in Taishan Club, China Enterprise Club, and Zhenghe Island. Even though Lenovo is deeply involved in the 5G voting whirlpool, Liu Chuanzhi has more than a hundred Chinese entrepreneurs speaking out for him with just one phone call.

was asked: Legend Holdings invested in China Car Rental, daughter Liu Qing joined Didi, niece Liu Zhen went to Uber China, was it arranged by Liu Chuanzhi? Liu Chuanzhi categorically denied: It was all by chance, they chose their own careers.

Liu Qing entered Goldman Sachs after graduating from Harvard with a master's degree, first in the investment banking department, and then in the direct investment department. In 2014, she negotiated to invest in Didi on behalf of Goldman Sachs, but was eventually poached because of a joke. According to legend, Cheng Wei was very polite to Liu Qing. When he heard her offer for an annual salary of US$4 million, he said, "Half of Didi's salary is yours, and the rest belongs to all of us."

After Liu Qing became the COO of Didi, he promoted the merger of Didi and Kuaidi. Because she was familiar with Jack Ma, Ma Huateng, Liu Chiping, the merger was chosen on February 14th. This merger was also called the "Valentine's Day Plan." In 2015, Uber started a war with Didi in China. Liu Qing took action again, attracting a US$1 billion investment from Apple. At this point, Liu Qing has established her position in Didi.

But it is impossible to know how much of Liu Qing's career benefited from the influence of the Chinese godfather Liu Chuanzhi. The development of online ride-hailing is greatly restricted by local policies. It is necessary to maintain a good relationship with local governments and the interests of all parties, which Cheng Wei is unable to do. Compared with Alibaba’s Tsai Chongxin and Tencent ’s Liu Chiping, how much help does Liu Qing have in Didi’s financing come from outside the investment banking background? This is also a question.

Historically, Didi has never underestimated the influence of policies. It once poached government bureau-level cadres to serve as chief development officers, which shocked the country for a while. Didi Vice President Zhang Bei was the former deputy director of the Taxi Management Division of the Transportation Services Department. In the field of shared travel, policy is the lifeblood. It is said that when Zhu Xiaohu invested in ofo, he also took a fancy to Dai Wei's background as the chairman of the Peking University Student Union.

Among the second generation of enterprises, there are some who have almost never relied on their parents to make their way in the world alone. Wang Xuehong, daughter of Taiwan's richest man and founder of Formosa Plastics Group Wang Yongqing, did not join Formosa Plastics after graduation. Instead, she used the house given by her mother as a mortgage and borrowed 5 million yuan to buy chip manufacturing in Silicon Valley. Company VIA Electronics. At that time, Taiwan's electronics industry was rising and the upstream industry was improving. By 1999, 70% of the world's computer motherboards came from VIA Electronics, which was also successfully launched in Taiwan.

When Intel entered Taiwan, Wang Xuehong founded HTC at the right time and quickly became one of the largest companies in the world of handheld terminals. In 2011, Wang Xuehong and her husband became the richest people in Taiwan, reaching the height of their father. "Girls should look like Wang Xuehong" has also spread throughout Taiwan.

When Formosa Plastics Group's light chemical projects were repeatedly stranded due to politics on the island, Wang Xuehong continued to stay at the forefront by relying on technological product manufacturing. It is a pity that when the Internet tide arrives, no one in the descendants of Formosa Plastics Group can grasp it. In 2014, Jack Ma went to Taipei and said to Taiwanese entrepreneurs: "Unfortunately, Taiwan seems to have not heard of any new companies and entrepreneurs in the past 15 years."

According to Chinese economist Li Yining, family businesses are not good at innovation. . The goal of a family business is to do a good job in the "economic account": to increase the value of family wealth; and to do a good job in the "social account": to take care of the weak in the family. However, restrictions on successors and conservative risk preferences often prevent family businesses from moving forward when the situation changes.

Perhaps for this reason, a group of second-generation entrepreneurs who do not want to inherit their father's business and want to join the new economy are the most likely to complete the industrial conversion of capital and continue the family wealth. After all, compared to his peers, Wang Sicong's business training is unparalleled. Liu Qing's father is still prestigious and can help her in the Internet industry.

Enjoy the lifestyle of an investor

Being able to start a family business and protect future generations is one of the best in itself.What are the chances that their children will become the best among men? Perhaps it is normal to use family money to hold parties and make investments.

According to the white paper of China Europe International Business School , the biggest daily consumption of second-generation enterprises is parties, accounting for 28%; followed by travel, accounting for 27%. This is the daily life of the second-generation entrepreneurs who live a comfortable life.

Rumor has it that Zhu Xinli, the founder of Huiyuan Juice, has strict requirements on his daughter and is not allowed to buy expensive items. Once Sun Xianhong, the former vice president of Mengniu, came to Huiyuan to give a lecture. He said to Zhu Xinli: "You want bigger brands, such as bags, LV." Zhu Xinli didn't understand, what LV? Sun Xianhong said, "That's the bag your daughter is carrying." It turned out that daughter Zhu Shengqin was afraid of her father's anger, so she lied that her bag only cost one or two hundred yuan.

Zhu Xinli’s son, Zhu Shenghua, resigned from Huiyuan after one year to play golf. Zhu Xinli was also cheerful, "It's good to be ranked first."

In addition to lifestyle, the second generation of enterprises often cannot understand the business wisdom of their parents. Zong Fuli, the daughter of Zong Qinghou, the founder of Wahaha Group, often makes it difficult for internal employees, who think she is too strict. When her father transferred veterans stationed in other places back to the headquarters, she also objected, believing that they should be allowed to retire with money. When facing officials, Zong Fuli's straightforward tone also left them at a loss.

Sometimes, Wahaha seniors privately remind her to be more tolerant of others. Zong Fuli felt unable to understand. Zong Qinghou said that his daughter needs to be more cautious.

have never experienced their parents working hard for every penny. The second generation of entrepreneurs often enjoy the lifestyle of investors more: with the first pot of gold, they no longer have to work hard. In addition, they have studied finance and management abroad and are good at letting others work. , so I enjoy the superior life of investors more and don’t want to put my hands in the soil.

Compared with inheriting the family business, investing is indeed a good career. Reports show that China's return on capital has remained above 20% since its reform and opening up, and has even been increasing year by year. As a top investment institution said in a letter to entrepreneurs, in China, “Money is mother.” The second generation of enterprises have money, and it is natural for them to invest. Wang Fuye, a partner of

Assembly Capital, is the son of Wang Zhongjun, the head of Huayi. When he returned to China at the age of 22, Mr. Wang was unwilling to land in Huayi, so Wang Zhongjun arranged for him to work in an investment bank. Soon he discovered that "playing with other people's money is worse than playing with your own money." Sometimes Wang Zhongjun asked Wang Fuye, "What companies have you invested in?" Wang Fuye was also a little helpless, "You have invested in the three most profitable games in China, what should I invest in? It would be good to get returns."

Wang Fuye, the founder of Jiehao Capital, is the son of Wang Zhongjun, the chairman of Huayi Brothers .

Sometimes, peers also express disdain for Wang Fuye, and entrepreneurs are unwilling to take his money. Mr. Wang also feels, "I feel silly if I am rejected by entrepreneurs just because I am a second generation. The second generation is still grassroots and was chosen by God. Why refuse money?"

Director of Yinlu Food Group Chen Chaozong, son of Chen Qingyuan, established Yudao Investment Management Co., Ltd. He sometimes discusses PE and stock investment with his father and gets guidance and benefits a lot. "Because I was born in Xiamen, I would often watch Taiwanese variety shows when I was a child. Now it's the other way around. Everyone talks about domestic variety shows." Benefiting from this inspiration, he invested in an online movie project that allowed the audience to vote to determine the fate of the characters.

He Jianfeng, the son of He Xiangjian, the founder of Midea Group , did not succeed Midea, but founded Heying Investment. He himself founded the small home appliance OEM company "Infore Group" and also facilitated Midea's acquisition of Shangfeng Hi-Tech and E Fund. In 2008, He Xiangjian once said that Midea is not a family business and does not worry about successors. If the son doesn't want to return, he can just leave it to a professional manager.

SOHO China Chairman Pan Shiyi's son Pan Rui once visited the construction site of China Construction Group and studied the drawings with the workers. Now he is studying for a PhD in the UK and doing UK real estate investment.

R&F Real Estate President Zhang Li’s son tensor founded Black Hole Investment.It has invested in many well-known projects: Lalamove, Xiaolan Bicycle, Binance, Silicon Valley Agent, Fang Commander, etc.

Compared with family companies that appoint successors, these companies that are willing to let their sons invest have many things in common: they are founded later and the founders are younger; the ownership structure is more complex and has even been listed, making it difficult to directly appoint a successor; Involving entertainment, real estate, investment and other businesses, the main business has not declined. Not only are the second-generation entrepreneurs able to invest money freely, but their fathers are not from poor backgrounds and have a more open-minded attitude towards money.