Combing through the major events that have happened to him in the past few years, Li Yongxin does not have to return the 1 billion donated to Peking University, just the more than 10 billion that their family cashed out, and took out a little bit to "lend" it to the company, and the students' debts were immediately settled. There are no debts, the company's books are good, shareholders are confident, and the stock price may have rebounded, let alone apologize.
Text丨Financial gossip female author: Wu Yanzu is fake and serious
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Another business tycoon has come out of the live broadcast to bring goods.
Recently, Li Yongxin, chairman of Zhonggong Education, appeared for the first time in the live broadcast room of Zhonggong Yanxuan Douyin. For more than an hour, he mainly stood on the platform for his live broadcast business, and then took more than ten minutes to "apologize".
Li Yongxin responded to controversial issues such as the difficulty of refunding students and the sharp drop in stock prices, and also bowed and apologized: "We will definitely pay back every penny owed to students." ”
In the eyes of netizens, this is purely "crocodile tears".
Combing through the major events that have happened to him in the past few years, Li Yongxin does not have to return the 1 billion donated to Peking University, just the more than 10 billion that their family cashed out, and took out a little bit to "lend" it to the company, and the students' debts were immediately settled.
There are no debts, the company's books are good, shareholders are confident, and the stock price may have rebounded, let alone apologize.
Don't use the method of killing multiple birds with one stone, you can't get any money that falls into your pocket, and you still want netizens to buy goods and "make money" to pay off your debts?
1.
/ "Pull me a new student and pay it back immediately" /
It is estimated that Li Yongxin also knows that he will come out live at this time, regardless of the good or bad reputation, there must be traffic. During this period, the stock price of Zhonggong Education fell endlessly, shareholders complained, and on the other hand, the voice of students' difficulty in refunding fees also intensified.
In the more than an hour of live broadcast, the number of online people in Zhonggong Yanxuan reached 9,000, the total number of viewers was 48,000, and the number of likes was 1.22 million. It's good that he doesn't show up, but when he appears, it's all about refunds and stock prices.
Li Yongxin had no choice but to say that due to his own decision-making and external environmental factors, there were problems with refunds. He bowed and apologized: "I apologize to all the students who have not received a refund or are suffering from a refund, and I would like to solemnly apologize here." ”
Then he also said: "Give us some time, we owe every penny to the students, and we will definitely pay it back." ”
How can I repay the money? One of them must be to make money by live broadcasting.
Zhonggong Education has a number of Douyin accounts, such as "Zhonggong Education" with 490,000 followers and "Zhonggong Postgraduate Entrance Examination" with 330,000 followers, all of which also have their own windows, but they sell courses and books related to postgraduate entrance examinations and public entrance examinations.
In order to better bring goods in an all-round way, in January 2023, Zhonggong Education established a strict selection business department, registered and established a wholly-owned subsidiary, Beijing Zhonggong Yanxuan Technology Co., Ltd., in January this year, and in late February, Zhonggong Yanxuan began to live broadcast goods. At present, the account has 12,000 followers, and there are 258 products in the product window, covering snacks, grain and oil seasoning, fresh food, clothing and other categories, and 7,500 pieces have been sold.
According to the current speed of bringing goods, it is indeed a bit difficult for the chairman of Zhonggong Education to promise "a lot of points".
In February this year, Zhonggong Education rushed to the hot search because of "there is a refund gap of 40 million yuan". Hunan Zhonggong Education students spent tens of thousands of yuan to buy courses, but in the end they failed to "go ashore", and the refund procedures were delayed again and again, and they couldn't drag it on, so they could only admit that the refund gap was as high as 40 million yuan.
Official media reporters investigated in many places and found that not only Hunan, but also the Zhonggong Education Branch in Zhejiang, Henan, Anhui, Shandong and other provinces have the problem of arrears of refunds. Some students applied for a refund in 2022 and have not received a refund so far.
After the media reported, Zhonggong Education focused on a friendly attitude, the company set up a special class for refunds, and then gave three "joke-filled" refund methods:
1. Time-sharing retreat.
Sign a supplementary agreement first: if the refund amount exceeds 20,000 yuan, 1,000 yuan will be refunded every month; If the refund amount is less than 20,000 yuan, 500 yuan will be refunded every month. Let's say the total refund for a student is 40,000, the first 20,000 will take 20 months, and the last 20,000 will take 40 months. In other words, for 40,000 yuan, even if you sign an agreement now, receive the money now, and all the "return to capital" will have to wait for 5 years, and then in 2029, these young people's children will be able to play soy sauce.
2. Repay debts in kind.
Zhonggong Education "sold" the company's assets at a discount. The all-in-one computer is worth 10,000 yuan, the headphones are worth 2,000 yuan, a bottle of red wine is 400 yuan, and a box of rice is also 150 yuan. In addition, second-hand notebooks, tablets, old tables and chairs, etc., can also negotiate a price.
It's all second-hand stuff, who wants it?
No, that's a rush. In line with the principle of "blood return is not too small", the students took everything they could. In June this year, according to Xiaohongshu, the higher-priced second-hand equipment has been "snatched up", leaving only rice and red wine.
3. Attract new ones to pay off old debts.
Finally, Zhonggong Education is shy and magnified. If the old student can introduce the new student to sign up, once the new student signs the contract and pays the tuition, the original student can be refunded smoothly.
This......
There are the most comments on the Internet, many people speak fiercely, and there are also those who scold the street, the mildest of which is: "Fall into the swamp, pull a person down to cushion your back, and you can go ashore safely, and the company can come up with this method." ”
Not only shareholders and students, but also the wages of the Zhonggong Education Headquarters were only paid until January this year, and the wages of employees have been in arrears for several months.
Zhonggong Education may have no money for the time being, but the boss has money, and if he really wants to pay back, it is enough to pick some money between his toes.
2.
/ Cashing out more than 10 billion is the ability,
Paying back the money and the stock price rebounding all depends on God's will? /
In 2021, Peking University received the largest personal donation from an "alumni" since its establishment – 1 billion yuan. The donor, Li Yongxin, the founder of Zhonggong Education, was widely reported, and at the donation ceremony, he shouted "donate another 10 billion in the future".
In addition to this, he had several highlight moments this year. In 2021, the market value of Zhonggong Education was as high as 260 billion, surpassing New Oriental and Good Future, and becoming the "first brother of education". In the same year, Li Yongxin's family ranked 19th on the Hurun Report with a wealth of 140 billion yuan, far surpassing Yu Minhong and other big names in the education industry.
Li Yongxin's money is effortless. He was born in Tonghua City, Jilin Province in 1976, graduated from the School of Government of Peking University in 1999, and after a short period of business exploration after graduation, he recognized the track of "civil service examination" in 2001.
At that time, it was not popular to apply for the civil service examination, so there were not many competitors for this business model, and the middle school education was not good, nor was it bad.
In 2010, Li Yongxin came up with a "protocol class" business model on a whim. To put it simply: "the tuition fee is expensive, the exam is not enough, and the refund is guaranteed", and the industry insiders applauded the case, calling it "the invention of genius".
The great thing about this trick is that although the tuition fees of students still have to be partially repaid, it is equivalent to an "interest-free" loan. So many students who signed up add up to a lot of money, and it is also mentioned in the official information disclosed by Zhonggong Education that the income of the agreement class has always been maintained at about 75% of the total income.
This money can be used for a little "money to make money" financial management, which can earn a lot a year, and can also make a lot of contributions to the listing.
In 2018, Zhonggong Education acquired Yaxia Automobile, and in 2019, it was successfully listed on the backdoor. However, the two parties signed a VAM agreement, and the non-net profit deducted from 2018 to 2020 will not be less than 930 million, 1.3 billion, and 1.65 billion respectively, totaling 3.88 billion.
The pressure was on Li Yongxin, so he made a change on the basis of the agreement class.
In the past, it was "pay the fee first and then refund", but after the reform, you can apply for the agreement class if you don't have money. If the student fails to pass the exam, the loan will be repaid by the public government, and the new model is called "Lixiang Student Loan".
This kind of "humanized" operation can make students happy, so more and more people sign up.
The high cash flow promotes the high revenue of the year, and "repaying the money" is a matter of the second year, but in the second year, a new batch of students pay money to "fill the hole", because this trick is very effective, and the three-year gambling period of Zhonggong Education has been successfully completed or even exceeded.
In November 2020, its share price reached a maximum of 43.58 yuan per share, with a total market value of more than 260 billion, and the high level remained until February 2021. With a fortune of 140 billion, Li Yongxin and his mother became the top richest people on the 2021 Hurun list.
In 2021, as soon as the three-year VAM period ended, the financial report of Zhonggong Education immediately changed face. From 2021 to 2023, the net profit will be 2.37 billion, 1.101 billion and 209 million respectively, and the total loss will reach 3.68 billion, almost offsetting the profits of the previous three years.
From July 2022 onwards, the trainees gradually found themselves unable to receive their refunds. This was followed by a nationwide refund difficulty.
Where does all the money go?
Of course, there are expenses for expanding the scale and increasing the curriculum, and the more money you collect in the previous year, the more you "pay back" in the second year, after all, you are facing many problems such as limited positions in civil servants.
But that's not the main thing, because more money goes into the pockets of shareholders. In 2018 and 2019 after listing, Zhonggong Education paid cash dividends of 1.419 billion and 1.48 billion respectively, totaling 2.899 billion. Most of this wealth was acquired by Li Yongxin's mother and son.
Moreover, from November 2022, Li Yongxin's family began to reduce their holdings, and the cash out funds during the period were as high as more than 10 billion. As of the end of the first quarter of 2024, Li Yongxin, Lu Zhongfang's mother and son's total stake in Zhonggong Education has dropped from nearly 61% in 2021 to 16.68%.
Wang Zhendong, another co-founder of Zhonggong Education, also carried out corresponding shareholding reductions, reducing his holdings from 853 million shares in the first half of 2022 to the latest 462 million shares.
Li Yongxin's mother and son still have a large number of shares in a pledged state. Among them, 68.17% of the shares currently held by Li Yongxin are pledged.
The cash-out ran fast, and most of the remaining mortgages were taken to the collateral debts, and the problem of refund was left to the students, and the stock price could not be handed over to more than 200,000 shareholders.
Of course, Li Yongxin also stated that he would not lie down, saying that he would not evade problems and actively solve problems through various methods such as working hard to collect money, quickly resuming business, and financing. Carefully tasting these statements, it is similar to "relying on the will of God", the slogan is shocking, and I feel that I haven't said anything after thinking about it.
In short, it is a way not to "buy back" and "lend money" to the company. I was in a hurry, so I started to play "live broadcast with goods" and sold miserably, anyway, the frustrated bigwigs are popular in this sport.
3.
/ Full screen of "stock price" and "refund",
Who still has the mood and guts to buy his goods? /
Obviously, whether it is e-commerce or live streaming, the tuyere has passed. Some netizens described: Now that I start live broadcasting, it is like entering the palace in 1901 to do "miscellaneous labor".
As a well-known entrepreneur, it is impossible for Li Yongxin not to know this, but he still came in hard. In this live broadcast, Li Yongxin was also asked if he would continue the live broadcast in the future, and his reply was:
"Although I personally don't want to be in the limelight and become an Internet celebrity, as long as I can make the development of Zhonggong education good, even if I haven't done anything, I am willing to do it, and I dare to do what I didn't dare to do before."
Let's just say that there are thousands of business tycoons who bring goods in live broadcasts, and in the end, there are only two more decent successes - Luo Yonghao and Yu Minhong.
Looking at the success of the two bigwigs in the field of live broadcasting, first of all, there must be "the right time, place and people", both of which are indispensable.
Luo Yonghao, needless to say popular, still feels enthusiastic when he listens to the audio of his class at New Oriental. Later, he created a hammer mobile phone full of feelings, and finally had chicken feathers, forcing him to "go to the sea" to bring goods live.
In April 2020, when Luo Yonghao started live broadcasting, when celebrities were just emerging, Luo Yonghao was in a hurry to get an early set, and with his personal charm, he was favored by the market. Live broadcast with this bowl of rice, Luo Yonghao ate with peace of mind, and his ability was there, and he paid off his debt of 600 million because of this.
Yu Minhong was blown by the "wind of the times". The way the teachers hold blackboards and chalk to teach and sell goods is novel enough, and at first it makes people lose sight of the future. It wasn't until Dong Yuhui successfully won the "mother-in-law" across the country with his profound knowledge reserves that Dongfang Selection became the high-profile Douyin first brother.
Secondly, if you want to make a name for yourself in live broadcasting, you must be morally standable, otherwise it is easy to capsize. Luo Yonghao's courage to "return the truth", even if he sold a fake, the attitude of apologizing and buying one and returning three made netizens feel gratified. Even if Yu Minhong wants to close the door, he still does not owe employees wages, donates old desks and other behaviors, and has already attracted a wave of goodwill before the live broadcast.
On the other hand, Li Yongxin, not to mention that the live broadcast brought the goods late. "Stock price" and "refund" are "black materials" that have not been solved for the time being, or do not want to be solved. Even if you are diligent and live broadcast every day, swiping "stock price" and "refund" all over the screen, who still has the mood and guts to buy goods.
But Li Yongxin still adheres to the principle of "dreams still have to be had, in case they come true", and he also called for rushing to the doctor when he was sick.
Netizens found that it is suspected that Li Yongxin has opened a personal account on the Douyin platform, named Zhonggong Li Yongxin, and the avatar is Li Yongxin himself, and his self-introduction is also clearly shown as the founder and chairman of Zhonggong Education Group. The four accounts that the account follows are all official certification numbers related to Zhonggong Education, and although they have not released any works yet, they have 1,800 followers as of press time.
Don't look at this move, it can be said that there is no profit, first of all, it is good for the stock price.
Since February 2021, the share price of Zhonggong Education has begun to fall, from more than 40 yuan to about 1.5 yuan per share, which has fallen by more than 95%. If you don't want to think about it, the stock price is not far from the "1 yuan area". At the opening of trading on July 2, affected by Li Yongxin's live broadcast the day before, the share price of Zhonggong Education once rose 9.15%. The next day, it went up again.
Although it fell back later, it rose after all. Recently, the staff of various sub-accounts of Zhonggong Education have spoken intensively, and their meaning is similar to Li Yongxin: the money will be returned (if the company is still there), and the time is not known.
With these two foundations, Li Yongxin's next live broadcast will not be far away.