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Precious footage of Sun Yuchen during his time studying in the US at the University of Pennsylvania, showing his good relationships with classmates! Listen to his dreams back then

Doubao change a skin

A bankrupt nobody whose birthplace is unknown built a 10-billion commercial empire in Hong Kong over 4 years. Banks scrambled to lend him money, investors lined up to give him funds, and in the end, he walked away clean with HKD 10.6 billion in debt, living in a HKD 40 million mansion in Clear Water Bay, while the auditor who checked his accounts died in Banana Garden. His name is Chen Songqing, chairman of Jianing Group, the prototype for the movie "Golden Finger," the main figure in Hong Kong's largest fraud case in history. A few years ago, he was even more prominent than Li Ka-shing, spanning real estate, shipping, tourism, hotels, insurance, finance, dining, and entertainment, with business covering six countries. Ultimately, he was acquitted in the first trial under public scrutiny. Ibarashi's death was no accident. At that time, Jianing had already collapsed. The global economic downturn in 1982 directly crashed Hong Kong's property market. Bank of China bought Meili Building for HKD 1 billion, while a year earlier the land was valued at HKD 2.5 billion. The true value of the property market was exposed, and the Hang Seng Index dropped 180 points in 4 days. On September 24, when Margaret Thatcher lightly stumbled leaving the Great Hall of the People, it dragged down the Hong Kong stock market thousands of miles away. The Hang Seng Index fell from a high of 1810 points in 1981 to just over 670 points in December 1982. Once asset prices stopped rising, Jianing's cycle immediately reversed. Property prices fell, banks stopped lending, old debts couldn't be repaid, stock prices dropped, and financing ability vanished. Three companies were suspended from listing. Chen Songqing's last trump card was debt restructuring, very similar to Mr. Xu in 2022. Ibarashi discovered financial problems at Yumin at this critical moment, but then he died, and the business collapse escalated into an international financial scandal. Looking back, Chen Songqing's empire was itself a carefully designed bubble. His birthplace remains unknown. He once did civil construction business in Singapore, went bankrupt, and in 1972 came to Hong Kong with a Singapore passport. He worked as a project manager at Zhong Zhengwen's real estate company. Without a prominent family background or large capital, he spent 5 years mastering Hong Kong real estate's wealth code: land doesn't necessarily need to be held long-term; the real value lies in information, financing ability, transaction structure, and market imagination of future prices. In the mid-70s, he bought land for the Yanghe Hospital for HKD 2.5 million and sold it for HKD 6.2 million, saving his first pot of gold. In 1977, he co-founded Jianing Group with Zhong Zhengwen. In 1978, he bought land in Yuen Long for HKD 18.5 million, mortgaged it to borrow HKD 60 million, and within two years had 30 properties. In 1979, he acquired the listed company Meihan Enterprises and restructured it into Jianing Investment, gaining access to the stock market's money-printing machine. The wildest performance happened in 1980. Chen Songqing announced Jianing bought the Central Golden Gate Building for a sky-high HKD 998 million, setting a record for Hong Kong property transactions. To put it in perspective, the entire market value of Li Ka-shing's Cheung Kong Holdings had not exceeded HKD 1 billion the previous year. A few months later, he announced a resale for HKD 1.68 billion, creating nearly HKD 700 million in profit out of thin air. The stock price rose from HKD 1.5 per share to HKD 17.9. Banks scrambled to lend money, investors queued to buy new shares. At its peak, the subsidiary companies exceeded 200, with over 30,000 employees, making it the 15th largest listed company in early 1980s Hong Kong. Chen Songqing rarely appeared publicly, hired social celebrities with high fees, decorated offices luxuriously, formed a Rolls-Royce fleet. The market believed he was backed by Malaysian financial groups or Philippine officials. Even HSBC vaguely lent him HKD 200 million in 1982. The core trick of this bubble boiled down to four words: buying and selling to oneself. Investigations found that buyers who took over the Golden Gate Building and Stanley luxury homes at sky-high prices were all Jianing's own subsidiaries. They inflated prices by transferring assets left hand to right hand, then used the high-priced assets as bank collateral, borrowed money to buy land and mortgage again, repeating the cycle. The biggest backer was Malaysia's Yumin Bank, which illegally lent Jianing a total of HKD 6.6 billion from 1979 to 1983. All this money was used to package a false prosperity. In November 1983, Jianing was liquidated, marking the largest corporate collapse in Asia at the time, carrying HKD 10.6 billion in debt, dragging Yumin Bank and many small shareholders into the quagmire. The subsequent trial was the longest and most expensive criminal case in Hong Kong's judicial history: over 200 days of hearings, the ICAC traveled to 13 countries for evidence. During this period, Jianing's lawyer Wen Baoshu drowned, presiding judge Bai Jia died in a car accident in Cyprus, and the investigation director committed suicide due to excessive pressure. A series of related deaths made the case even more mysterious. Chen Songqing was acquitted in the first trial. It was not until the 1996 retrial that he admitted to two counts of conspiracy to defraud, sentenced to 3 years in prison, released in 1998 after deducting detention time. He lived in seclusion in a HKD 40 million mansion in Clear Water Bay. The case officially closed in 2001 and is considered one of Hong Kong's top ten strange cases. In contrast, mainland China's similar real estate companies used similar methods to package prosperity, but due to the era's background, the truth was exposed, leading to bankruptcy and liquidation. The difference is that the scale of 2 trillion is far beyond the HKD 10.6 billion back then, resulting in a vastly different outcome.

Jingxi "Altay" has arrived! Damn, there are even yaks! Is it still necessary to go to Xinjiang?

It seems everyone really likes my desktop AI girlfriend. Let's call her again: "Doubao, where is your scarf?" On a cold rainy night, with you, I'm no longer lonely.

Yulin Road is a must-visit, this bar street lives up to its reputation. There are live concerts everywhere, and the performances are all pretty good.