Shenzhen’s $14 Billion Empire Collapses: 500,000 People Grieving, Suffering Total Investment Losses
First harsh reality: In China, almost no enterprise can grow and thrive solely based on its products or services; political and business connections are essential for success. Over the past decade, numerous asset management and P2P lending companies in China have collapsed, but Ding Yifeng miraculously survived for 12 years, attracting half a million investors and managing funds exceeding 130 billion yuan. However, it operates without a financial license or qualifications for a financial business – This is an absurdity unique to China. Behind this phenomenon lies the common "Chinese characteristics": any enterprise with a significant asset scale has to have powerful government support. Founder Su Guangyi's past as a deputy mayor undoubtedly contributed to building his business empire.
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