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Preface
The once brilliant stars, as well as the rich second generation with a lot of money, are now in financial trouble. Jiang Quanlong's life is legendary, from grassroots worker to rare earth tycoon, greed and gambling have led him to the path of depravity.
And his son Jiang Xin, who is the spokesperson for luxury and profligacy, cannot escape the fate of being riddled with debt. How did their story come to the brink of failure? What kind of darkness is hidden behind luxury and luxury? With the attention of society, we can't help but ask: What is the truth behind the gorgeousness?
The crazy depravity of tens of billions of super-riches: squandering a meal and eating 900,000, luxury cars and rows of money-throwing madmen
Jiang Quanlong, a business tycoon who once controlled hundreds of millions of family assets, his name was once a legend in the business circle. From a small start to a net worth of 10 billion, his road to success is full of legends, the cycle of fate is always ruthless, but he eventually became a negative teaching material.
From 2004 to 2011, Jiang Quanlong's business was thriving, and the company's annual net profit reached a minimum of 80 million yuan and a maximum of 400 million yuan. In 2013, he had become a business tycoon with a net worth of tens of billions, and all of a sudden, his name resounded all over the country.
Adversity also follows. Jiang Quanlong was addicted to gambling and owed a huge amount of gambling debts within a year. At the same time, policy adjustments have plunged his company into a quagmire of losses, and from 2012 to 2018, the company lost money year after year, reaching a maximum of HK$680 million.
Jiang Quanlong's son, Jiang Xin, is addicted to a luxurious life, throwing hundreds of thousands of yuan on a meal, and luxury cars and mansions are even more handy. His extravagance and waste aroused widespread suspicion in society, and the father and son squandered their family property and lost tens of billions of wealth.
Despite his profligacy, Jiang Xin is quite single-minded in terms of feelings, and his relationship life with his wife Li Jingru is stable and happy. He has dabbled in business investment and founded an esports club, but his career performance has not been outstanding.
The story of Jiang Quanlong and Jiang Xin is an alternation of success and depravity, a cycle of wealth and profligacy. They were once glorious, but eventually lost their family property, sounding the alarm bell for people: wealth is not easy to come by, and only by cherishing it can it be sustainable.
Jiang Quanlong, the king of rare earths: the rise of Yixing's economy
Jiang Quanlong, the name is thunderous in China's rare earth industry. His story, from an ordinary state-owned enterprise worker to being known as the "rare earth king", is a legend. Jiang Quanlong's success not only changed his personal destiny, but also greatly affected the economic development of the Yixing region.
In 1984, Jiang Quanlong founded a township enterprise with a start-up capital of 3,000 yuan. This decision was a major turning point in his life. Since then, he has started his own entrepreneurial path.
Jiang Quanlong used the funds raised from the Hong Kong stock market to buy rare earth and refractory raw material production bases in Jiangxi and Inner Mongolia, and carried out technological transformation. His company, China Rare Earth Holdings, became the largest rare earth producer in southern China.
Jiang Quanlong's enterprise not only promoted the development of Yixing's rare earth industry, but also led to the prosperity of the local economy. His company provides a large number of local employment opportunities and promotes the development of related industrial chains. Jiang Quanlong's success has made Yixing an important base for China's rare earth industry.
However, Jiang Quanlong's story is not all smooth sailing. His company was reported for performance fraud, and its stock price plummeted. In addition, Jiang Quanlong is also controversial because of his addictive gambling habits and huge gambling debts. His son Jiang Xin has also become the focus of media attention because of his luxury car collection and high consumption.
Jiang Quanlong: A model of market insight
Jiang Quanlong's success is largely due to his deep understanding and forward-looking judgment of the market. In the 80s of the 20th century, when most people were still struggling for a livelihood, he had begun to focus on rare earths as a strategic resource and foresaw its great potential in the future.
It is with this market insight that his company, China Rare Earth Holdings, has grown from a small factory to the largest rare earth producer in southern China.
In 1984, with a start-up capital of 3,000 yuan, he founded a township enterprise. With a keen insight into the market, he set his sights on the rare earth industry, a decision that laid the foundation for his later success.
In Jiang Quanlong's view, the rare earth industry is a vast blue ocean. He has traveled to Jiangxi on several occasions and has seen the local rare earth industry thriving, which has sparked his interest in rare earths.
He learned that China is a big country in rare earth resources, accounting for about 80% of the world's reserves, which makes him see huge room for development. Under the east wind of reform and opening up, he took advantage of the situation and started his own rare earth road.
Jiang Quanlong's success is not only reflected in the industry, but also in the capital market. He used the funds raised from the Hong Kong stock market to buy rare earth and refractory raw material production bases in Jiangxi and Inner Mongolia, and carried out technological transformation. In 1999, his company, China Rare Earth Holdings, was listed in Hong Kong and successfully raised funds, injecting strong impetus into the further development of the company.
Jiang Quanlong's story is a story of courage, wisdom and opportunity. His market insight has made him stand out in the rare earth industry and become a real "rare earth king".
His experience tells us that a person's success requires not only diligence and perseverance, but also sensitivity and accurate judgment of the market. Jiang Quanlong's story will inspire generations of entrepreneurs to pursue their own sea of stars.
epilogue
Jiang Quanlong was once a legend in the business world, and with courage and wisdom, he stepped step by step to the pinnacle of success. Greed and gambling eventually led him to the abyss of failure, and his profligacy and ruin became the negative teaching material of a generation.
His story teaches us that wealth and success are not eternal, and that only prudence and moderation can keep the bottom line of life. On the road of pursuing your dreams, you can't ignore morality and the bottom line, otherwise, even if you have hundreds of millions of wealth, you will inevitably be ruined and eventually leave the scene.
Jiang Quanlong's fate warns us that we need to know how to cherish and control life, and only in this way can we go further and achieve true glory. His failure is a profound reflection and a warning that cannot be ignored, which deserves to be remembered.
His tragedy also evokes a deep reflection on business ethics and social responsibility. While pursuing profit maximization, we should pay more attention to corporate social responsibility, strive to create a harmonious and win-win business environment, and make more contributions to society.