The road to the “big overseas Chinese” advanced across the seven fields used to be made up of LCD phones.

On December 28th, the Qiaoxing Group, which has fallen into the spiral of private debt default, does not seem to be different from the past.

In the Qiaoxing Science and Technology Industrial Park in Huizhou, Guangdong Province, the Qiaoxing Building, which is surrounded by the four characters of the Qiaoxing Group, is particularly conspicuous compared to the low-rise residential buildings nearby. On the afternoon of December 28, the reporter went to Qiaoxing Group. In the vicinity of the Qiaoxing Group Park, the reporter found that on the one hand, some employees are waiting to leave, and on the other side, Qiaoxing is still recruiting. Some employees do not seem to care about Qiao Xing's debt, but care about whether they can get their wages in time.

Throughout the history of the development of Qiaoxing, the LCD phone was launched in the 1990s. By now, Qiaoxing Group has become a large group spanning communications, mining, agriculture, and e-commerce, with total assets of 24.1 billion. However, Qiao Xing's communications business continued to decline, and its listed company Qiao Xing Electronics once had a debt of over 98%. Qiaoxing Group also suffered setbacks after investing heavily in the mining industry, with losses exceeding 3 billion. According to media reports, the overall debt of Qiaoxing Group is about 11.2 billion.

"Resignation does not give approval", Liu Wei (a pseudonym), who is the leader of Qiao Xing Electronics, is preparing to leave Qiao Xing for half a year. After grinding the leader for a while, he chose to give up his last month's salary "hands off."

Liu Wei said that Qiao Xing Electronics will pay the salary of the new employee at the end of the second month of employment. "Do not work overtime basic salary of 1550, overtime pay 11 yuan an hour." "I have a group of 14 people, almost half of the change in half a year."

“It’s very busy in December, working overtime every day, especially tired, earning up to 130 bucks a day.” Mr. Wang from Hebei is an ordinary employee of Qiao Xing Electronics. He has only received a salary of more than 2,000 yuan in the first month for three months. Recently working overtime, working hours are close to 14 hours. After disagreeing with the supervisor, Mr. Wang decided to take the money and leave.

“There is no need to come to work here.” Yang Liu (pseudonym), who is “stretching” in Qiaoxing Electronics, told reporters that he managed nearly 40 people on the assembly line. “Eat, live, nothing, and work time is long. ”

On the one hand, there are employees leaving, and on the other side, Qiaoxing Group is constantly recruiting people. In the vicinity of Qiaoxing Group, there are some applicants for recruitment and signing, and “carrying workers” is the head here, mainly responsible for recruiting “temporary workers”.

"The factory has been doing for a long time, and it has been supporting. Qiaoxing Telecom is not working now, and it is very difficult to do it." In the view of "carrying workers" Cheng Feng (a pseudonym), the economic situation in the past two years is not very good, and the Wu family governance The problem is the reason for the company's decline.

He gave reporters an example. He introduced an employee to Qiao Xing to make thirty or forty yuan a month. Now he introduces dozens of people to Qiao Xing and can reach ten people in other companies.

Many employees said they were unaware of Qiao Xing’s fall into the spiral of private debt default. They only pay attention to the payment of wages in Qiaoxing. Yang Liu, who is “stretching” in Qiaoxing Electronics, said that he did not know what the company had in terms of business, but he told reporters that “the company will not drag wages”.

Qiaoxing Group was established in April 1992. The official website of Qiaoxing Group shows that it has been selected into the top 500 Chinese enterprises, the top 500 Chinese manufacturing enterprises, and the top 100 private enterprises in China. In 2006, the brand value of “Qiaoxing” reached 3.301 billion yuan.

At the beginning of its establishment, Qiaoxing Group was mainly engaged in research and development, production and sales of communication terminal products. According to the official website of Qiaoxing, in 1994, China’s first LCD phone was born in Qiaoxing.

This telephone has laid the industrial foundation of Qiaoxing Group. Qiao Xing quickly became the first echelon of the telephone market from a small factory. In 2006, the media reported on the acquisition of Wu Ruilin, the founder of Qiaoxing Group, that the phone filled the gap in the domestic network access machine and was 800-1000 yuan lower than the foreign brands on the market. Qiao Xing thus won the domestic consumer market. Qiaoxing official website said that from 1995 to 2002, Qiao Xing telephones had the first two production and sales in the country for eight consecutive years.

As early as 1999, Qiao Xing Global, a subsidiary of Qiao Xing Group, was listed on NASDAQ. Qiao Xing once became the first privately-owned enterprise listed on NASDAQ (NASDAQ) in mainland China. In 2002, Qiao Xing Global completed the holding of CECT mobile phones using 320 million (total RMB) raised on NASDAQ, and acquired China Telecom in 2002. Since then, Qiao Xing has shifted its development direction from telephone to mobile phone.

According to media reports, in 2004, CIA Telecom's CLP Communications earned a million yuan profit through a PDA phone and won a large market share.

In 2007, Qiao Xing Mobile was listed on the NYSE with a financing of US$160 million. However, during the year, Qiao Xing Global announced a specific error in its 2005, 2004 and 2003 earnings reports for its subsidiary Qiao Xing Mobile. Among them, the net profit in 2005 was overestimated by 2%, the net profit in 2004 was overestimated by 93%, and the net loss in 2003 was underestimated by 210%. Qiao Xing Global was involved in the lawsuit and finally settled with $2.3 million.

This incident has also become a watershed for the performance of Qiao Xing Global and Qiao Xing Mobile. In 2008, Qiao Xing Global began to lose money. Qiao Xing Mobile, which owns China Telecom, also began to lose money in 2009, with an annual loss of 200 million to 300 million yuan. Under continuous losses, Qiao Xing Global changed its name to Qiao Xing Resources in 2009, with the intention of developing to the mining industry. Qiao Xing Mobile tried to privatize in 2011, but it ended in failure. In 2012, due to poor performance. Qiao Xing Mobile and Qiao Xing Resources were delisted by the exchange within one month.

At the same time, the domestic mobile phone market ushered in a major reshuffle, and the mobile phone business of Qiaoxing continued to decline. The mobile phone brands of Qiao Xing, Panda, Capitel, Kejian and Amoi are steadily disappearing.

In 2003, Wu Ruilin, founder of Qiaoxing Group, proposed the concept of “Daqiaoxing” and entered the new materials, new energy, property management, education and investment industries on the basis of the existing communication industry. According to the official website of Qiaoxing Group, the current industrial layout of Qiaoxing Group covers seven areas including electronic communication, cross-border e-commerce, modern agriculture, big health, satellite communication, mineral energy and purification equipment.

Qiao Xing, who started his business with communication, began to get involved in mining. Qiaoxing Group official website introduced that in 2006, Qiaoxing Group began investing nearly 10 billion yuan to develop rare metal smelting industry in Inner Mongolia, Guizhou, Shaanxi, Guangxi, Hunan and other parts of the country, for gold, vanadium ore, rare earth, copper-molybdenum ore, lead and zinc Exploration and exploitation of minerals such as mines and comprehensive utilization projects for supporting construction.

In a report by the media on Qiaoxing Group in 2015, the “Mineral Empire” of Qiaoxing Group expanded rapidly in a decade. Currently, there are nearly 20 high-quality mines in Inner Mongolia, Shaanxi, Hunan and Hubei. , Guangxi, Jiangxi and other parts of the country.

In 2009, Ruijin Mining, the 75% owned by Wu Ruilin's founder of Qiaoxing Group, successfully listed on the Hong Kong Stock Exchange and raised HK$700 million. At present, Wu Ruilin is the controlling shareholder of Ruijin Mining, holding 62.37%. The main assets of Ruijin Mining are three gold mines in Inner Mongolia. In the first two years of the listing, Ruijin Mining disclosed its outstanding results, with a total net profit of more than 1.3 billion yuan in two years.

In 2011, some media revealed that Ruijin Mining's three gold mines in Inner Mongolia had no signs of production and operation. Affected by this, Ruijin Mining began to suspend trading in May 2011 and has not resumed trading so far. The suspension period lasted for 5 years.

At the end of May 2016, Ruijin Mining released a regular report from 2011 to 2015, with a total operating result of a total loss of 3.254 billion yuan in five years. As for the reason for the huge losses, Ruijin Mining said in its 2013 annual report that its asset impairment losses, including minerals, plants and equipment, amounted to 1.643 billion yuan. On June 28 this year, Ruijin Mining was once again ordered to suspend trading by the Hong Kong Stock Exchange, and it has not yet got rid of the risk of delisting.

Under the rapid and diversified expansion, the performance of listed companies under Qiaoxing Group has shown a gradual decline.

At present, only Qiao Xing Electronics, which is under the Qiaoxing Group, is listed on the New Third Board. It is understood that Qiao Xing Electronics is the main mobile phone machine, MP3 and other services, mainly for external brands OEM OEM.

The data shows that Qiao Xing Electronics has a small profit in recent years. In 2013 and 2014, the company's revenue was 310 million yuan and 385 million yuan respectively. The net profit was -237.96 million yuan and 845,200 yuan. In the first half of 2015, the revenue was 467 million. Sharply reduced to 168 million yuan, down 63.95% year-on-year, net profit also fell to 3.88 million yuan, down 43.45% from 6.86 million in the same period last year.

In 2015, Qiao Xing Electronics' asset-liability ratio was as high as 98%. On July 17, 2015, all shareholders of Qiao Xing Electronics increased their capital by RMB 95 million to Qiao Xing Electronics. In the first half of this year, the asset-liability ratio fell to 47.16%.

According to Caixin, at the end of 2015, the total liabilities of Qiaoxing Group were about 11.2 billion yuan, of which the balance of surviving loans was about 5.1 billion yuan, accounting for nearly half of the total. The main loans are mainly Qiao Xing Telecom and Qiao Xing Telecom. The former has a loan balance of 3.9 billion yuan and the latter has 1.1 billion yuan. At the end of 2015, Qiaoxing Group had total assets of 24.1 billion yuan, with an asset-liability ratio of approximately 46%; operating income of 7.5 billion yuan and net profit of more than 700 million yuan.

â–  People

Wu Ruilin: From the village tailor to the phone king

In February 1952, Wu Ruilin was born in Zenglin Village, Lingyuan, Anhai, Quanzhou, Fujian Province. His parents lived on the farmland and had 12 children in the family. Wu Ruilin was the youngest. The embarrassing family made Wu Ruilin drop out of school in the fifth grade of elementary school, and then went to Shishi to learn the tailoring skills.

At the age of 19, Wu Ruilin had her own tailor shop, and Wu Ruilin, who had a flexible mind, also set up a tailoring class to invest in the construction of a quarrying factory. In three years, Wu Ruilin earned the first pot of gold in his life, but an accidental fire burned him back into a poor egg.

In 1980, Wu Ruilin took the lead in setting up the “Anhai Industrial Garment Company”, a garment factory in the town, and once again encountered an unexpected blow. In the second half of 1985, the Taiwanese businessman who cooperated with Wu Ruilin suddenly disappeared. Wu Ruilin owed hundreds of thousands of goods and nowhere to return.

On the 30th night of 1986, Wu Ruilin, who owed a huge sum of money, took his wife and three children, from Quanzhou to Xiamen, and then from Xiamen to Shenzhen. In Shenzhen, Wu Ruilin began to come into contact with the simplest toy phone.

In 1989, Wu Ruilin, who had a certain financial strength, started to establish his own telephone factory. In 1992, Wu Ruilin founded Huizhou Qiaoxing Telecommunications Industry Co., Ltd., the predecessor of Qiaoxing Group in Huizhou. Wu Ruilin was very interested. He aimed at domestic demand and presided over the development of the first LCD phone in China. On this phone, Wu Ruilin opened the domestic market. At the same time, in terms of business strategy, Wu Ruilin turned to the general practice of the telephone market in the post and telecommunications market, and spread sales outlets. As a result, Qiao Xing has become the second place in domestic telephone manufacturers.

By relying on the production and sales of telephones, Wu Ruilin became the "big king of telephones" in China. In 2006, Wu Ruilin ranked 40th in the Hurun Rich List with 4.6 billion yuan in wealth. Since then, Wu Ruilin has become a frequent visitor to the list of the richest people, and has frequently appeared on the list of China's richest people such as Hurun and Forbes.

Although the squid Yuelongmen was realized by telephone, Wu Ruilin has been paying attention to market changes. He entered the mobile phone field through acquisition, and then expanded into mining, agriculture, and e-commerce.

After the pavilion was spread, Wu Ruilin began to encounter trouble. In 2011, various scandals such as the overseas listed companies of Qiaoxing, such as Qiaoxing Global, Qiaoxing Mobile and Ruijin Mining, all broke out. The company delisted and the mining industry lost money. Wu Ruilin once again faced crisis. .

In the eyes of the industry, Wu Ruilin has a typical family management style. Previously, Qiao Xing had introduced two professional managers with international management experience, expecting to bring about changes in Qiao Xing, but ultimately failed. Since then, Wu Ruilin has expressed more trust in the three sons and has taken over the management of the company to the family.

Wu Ruilin has many advantages of traditional entrepreneurs. He is said to be trustworthy to employees and never pays wages. He believes in Feng Shui and is very particular about the layout of the factory.