What truly determines a company's success often lies in moments of immense pressure—when you must stand by your decisions and bear the consequences.
From December 6–7, 2025, the 23rd Influential Entrepreneurs Annual Conference (formerly known as the China Business Leaders Annual Conference) was held in Beijing. During the "Arc Light 600 Seconds" session, Liao Renxi, founder and chairman of Ziru Group, shared her decision-making journey.
Here are the key takeaways: 1. Without core competitiveness, a company has no future—transformation is the only path forward. 2. A company’s defining moments often come under immense pressure, when leaders must take responsibility for their choices. 3. When no one applauds, trust your judgment. In the darkest hours, hold onto that faint inner light. 4. In the turbulent sea of entrepreneurship, boldness is needed to cut through waves, but unwavering conviction is essential to stay the course.
Below is an edited excerpt of her speech:
Today (December 6) marks the 18th anniversary of our company’s founding. I’ll share my journey through three pivotal moments—what I call "arc lights."
**The First Arc Light: "The Light of Severance" (2017)** That year, we achieved our first milestone: listing on the New Third Board. But internally, it was agonizing. Our core business was OTA (online travel) and wholesale air tickets, squeezed between dominant OTA platforms and airline performance targets.
In OTA, price wars were unavoidable—without them, orders vanished. Meanwhile, failing to meet airline quotas meant losing incentives and market share, with losses piling up. Continuing down this path would have trapped us in a vicious cycle.
I had started Ziru in Nanjing with just a handful of people, growing sales from zero to billions. But I knew: without differentiation, we had no future. The question was how to transform—radically or incrementally? Would I become a pioneer or a casualty?
The decision was excruciating. Ultimately, I chose a complete pivot—from traditional travel services to a tech-driven corporate travel platform. My shareholders, after heated debates, backed me: "We invest in people. If you’re committed, we’ll stand with you."
Within three months, we halted OTA and wholesale operations. Revenue plummeted from hundreds of millions to mere millions. Rumors swirled: "Is Ziru collapsing?" My response: "We’re alive—and transforming."
For two years, we invested heavily in R&D, emerging as a customizable, AI-powered corporate travel platform. Our AI system, "Xiao Ru," integrates flights, hotels, rail, and employee benefits, optimizing cost-efficiency and compliance.
**The Second Arc Light: "The Light of Breakthrough" (2020)** The pandemic brought a crisis: how to sustain payroll? With no experience in freight, we took a leap—building a team from scratch. Against odds, this became a stable revenue stream.
**The Third Arc Light: "The Light of Solitude" (An Investment Gamble)** A chance encounter led me to invest in a struggling tech firm with a unique shareholder lineup, including Ant Group and top hotel system providers. When it neared collapse, I doubled down—personally—restructuring its operations.
For three years, the team persevered on minimal pay. Today, it’s a core partner for Alipay and DingTalk’s AI travel solutions, with Ziru named DingTalk’s Intelligent Travel Service Center.
**Reflections** These arcs—severance, breakthrough, solitude—taught me that true leadership shines in adversity. When no one believes in you, trust your vision. Entrepreneurship demands both daring and resilience.
After all this, I’ve learned: ambition defines your stage. Believe in yourself.
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