After resigning as chairman and receiving an annual salary of 110,000 in the middle level, why did Li Ruijie, a young treasure, fire himself?

Text | Wang Yingchun

Edit | Wang Lifeng

After the May Day holiday, Li Ruijie lost his job.

Li Ruijie is a meta-universe concept stock in the Qingbao (300052. SZ) is the actual controller. Recently, the company disclosed that it had received a written resignation report from Mr. Li Ruijie, chairman and director of the company. At the same time as he resigned as chairman, he also resigned from three other important positions in the company.

Li Ruijie did not resign nakedly, he will serve as the director of the strategic development department of the company, receiving an annual salary of 114,300 yuan. In Zhongqingbao, this "ministerial" position is not an executive, but a middle level.

He is also the founder of Zhongqingbao, and since 2003, Li Ruijie has been the chairman of the company for a long time, and has gone through four boards of directors after listing. At the time of his announcement of his resignation, his tenure on the fifth term of the Board of Directors was far from over.

Before the above changes occurred and during the May Day holiday, Li Ruijie's unique remarks circulated from within the company, causing heated discussions. This isn't the first time he's made outrageous remarks, the internet has a memory. 10 years ago, the image of a female lawyer with her head wrapped in gauze sitting in a wheelchair lamented spread throughout the Internet, and the person who hit the person was Li Ruijie, the actual controller of the GEM company.

"Reading a Banner" pays attention to the fact that in addition to the words and deeds, in the past year, this actual controller has attracted the attention of the regulatory authorities many times in the capital operation of Zhongqingbao. In the process of the continuous downward movement of Zhongqingbao's stock price, Li Ruijie and his co-actors are reducing their holdings in a large amount.

Its own people

The world of games often has blood, and the game-based Zhongqingbao, in fact, the controller Li Ruijie has brought blood to reality.

During the May Day period in 2022, Li Ruijie's violent exhortations to ask employees to work overtime spread to the Internet, "Buy a piece of tofu and crash to death", "May Day all overtime", "Disobedient immediately fried"...

Those who know Li Ruijie's past should know that he has more outrageous words and deeds.

In 2011, Zhongqingbao, which had been on the GEM for only one year, encountered a copyright lawsuit. U.S. multinational software company Adobe sued Zhongqingbao for infringement, and Liao Amin handled the dispute as Adobe's lawyer. During the interview, Li Ruijie punched Liao Aimin with his fist, and then picked up a chair and beat the woman violently until her head broke and bled, and Liao Aimin fainted on the spot. Later, the image of the female lawyer wrapped in medical gauze and sitting in a wheelchair bowing her head and lamenting was reported by the New Express and other media (December 8, 2011) throughout the Internet.

Two months before the beating of the female lawyer, Li Ruijie issued a declaration within the company to "eliminate money-losing goods", proposing that "all project departments, all front-line combat commands, need to make promises to the future, must make money, if you can't earn money, you can die..."

Although controversial, Li Ruijie's fighting situation never switched, and soon his raised fist landed on a departing management of Zhongqingbao.

On January 8, 2013, the annual meeting of China's game industry held a dinner party, and the pleasant and beautiful atmosphere was disturbed by a beating incident. Li Ruijie met a departing employee of the company, Wu Peng, former vice president (who left in 2011 and was in charge of Zhongqingbao's overseas business before leaving). Li Ruijie actually injured the other party's head on the spot, which also attracted the intervention of the police.

The hitters were not uneducated. Li Ruijie's resume shows that the actual controller born in 1967 received a better education than his peers, graduated from Nankai University in 1989, and obtained a double degree in economics and electronics. At the time of the IPO, CYB had already obtained the right of abode in Hong Kong. Earlier, Li Ruijie promoted the good guy culture in the company he founded, Baode Technology Group (Note: the company was listed in Hong Kong in 2002 and has now been delisted), and selected "Baode Good People" to spread the employment values of virtue above talent.

When asking employees to be good people and talk about dedication, recently, Li Ruijie's several behaviors in operation of Qingbao have attracted the attention of regulators many times.

So motivating

The implementation of equity incentives for the company's management and key employees is a way commonly used by listed companies to boost the company's performance. Not long ago, Zhongqingbao also used this tool, but about 50% of the equity used for incentives was granted to Li Ruijie's father and son.

On November 22, 2021, CYB disclosed the draft 2021 stock option incentive plan, which intends to grant 10.6 million stock options to no more than 21 directors, senior executives and core technical personnel of the company. On the day the draft was announced, CYSB received a letter of concern from the GEM.

One of the key issues covered in the letter of concern is that in this equity incentive, CYB intends to grant a total of 5.26 million stock options to the actual controller, Chairman Li Ruijie, and the company's director and general manager Li Yilun, accounting for about half of the total grant amount. Li Ruijie and Li Yilun are father and son.

For the above arrangement, the letter of concern asked the company to explain the necessity, reasonableness, and rationality of the quantitative arrangement of the two people to become incentive objects, and asked "whether there is any profit transmission." ”

In the midst of doubts, on December 7, 2021, CYB granted 10.6 million stock options to 21 subjects as scheduled, while the arrangement for Li Ruijie's father and son continued as planned. The details are as follows:

(From The Announcement of China Youth Treasure)

A month later, a related party transaction between Li Ruijie and Zhongqingbao was punished by regulators.

On 10 January 2022, CYSPC announced its intention to acquire a 51% stake in Boyd Asset Management Hong Kong Limited ("Boyd Hong Kong") from Li Ruijie, the actual holding. The acquisition price is 0 yuan. According to the announcement, Boyd Hong Kong intends to change its name to Baldwin Meta-Universe Digital Platform Co., Ltd., which will "become a pioneer in the game UGC platform and connect the world through games".

The Shenzhen Securities Regulatory Bureau of the Csrcover Commission has learned that Baode Hong Kong has no main business income, no R&D investment, and no core technology. Accordingly, it was held that the board of directors of Zhongqingbao "did not fully demonstrate the risk situation and future judgment of the acquisition", etc., and found that Zhongqingbao violated the relevant provisions of the Administrative Measures for Information Disclosure of Listed Companies, and required Zhongqingbao to rectify.

The 0 yuan deal also made Li Ruijie receive a fine. The Shenzhen Securities Regulatory Bureau issued a warning letter to Li Ruijie's father and son, board secretary Gao Guozhou and other 3 people, and took regulatory measures against the company's three independent directors.

At present, Zhongqingbao has gradually drifted away from Li Ruijie's target of 100 billion market value stocks, as of May 10, its market value is less than 4.8 billion yuan, and the K line has been located below the annual line for a long time.

Interestingly, in the process of the above incidents and in the process of requiring employees to dedicate and work overtime, Li Ruijie and his related parties have been reducing their holdings. The latest developments in the reduction were disclosed on March 25 this year. According to records, from February 10 to March 25, Li Ruijie's related parties reduced their holdings by 7.86 million shares.

Earlier reductions began on 11 December 2019.