At least he still possesses his freedom.
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"Isn't Wang Shi doing just fine?" On February 2nd, Wang Qiuyang, Co-Chairman of Jindian Group, posted a video over three minutes long on Weibo. In the video, Wang Shi, dressed in athletic wear, is seen rowing a boat and then rock climbing, looking remarkably healthy. Wang Qiuyang specifically emphasized: Xiao Tian was also present at the gathering.
As the daughter of a military family and a renowned philanthropist, Wang Qiuyang is best known for co-founding Jindian Group with her ex-husband Zhang Baoquan, making her a leading developer during the golden era of real estate. Zhang Baoquan himself had a period of being "unreachable" a few years ago, so Wang Qiuyang is no stranger to such situations.
The fact that even Wang Shi must rely on self-verification and supporting testimony to convince the public he remains free is a surreal state of affairs.
In the ongoing drama surrounding 000002, the only true protagonist seems to be the former minor actress, Xiao Tian. It just goes to show that past actions lead to present outcomes; one should always have dreams, as they might be realized unexpectedly.
Restrictions on overseas travel for real estate executives have become standard practice. Specifically for 000002, neither Wang Shi nor Ms. Tian were exempt, despite the fact that their family of three has obtained Japanese residency. Ms. Tian is often said to resemble Wendi Deng; just as Deng famously defended her husband during the Rupert Murdoch hearings, Ms. Tian reportedly went to Shenzhen Metro alone, driven by concern for her daughter.
Well-informed sources suggest that because their daughter was unattended in Japan, Ms. Tian "caused a scene at Shenzhen Metro," demanding the travel ban be lifted. "Shenzhen Metro likely conducted some investigations, and the final result was that Ms. Tian's exit restrictions were rescinded!" This boldness might be a trait Wang Shi himself lacks and perhaps admires. It also indirectly confirms that Wang Shi and Ms. Tian are not as deeply implicated as others.
But the situation is different for Yu Liang. Numerous media outlets, including Caixin, have been tracking his personal status. His social media activity ceased on January 29, 2025. When rumors of his disappearance peaked earlier this year, there were occasional indications of him liking posts on video platforms. However, the story of former 000002 President Zhu Jiusheng has eroded the credibility of such seemingly deliberate gestures.
With a projected loss of 82 billion yuan for 2025, the largest loss record in A-share history, responsibility must lie somewhere. If not with Shenzhen Metro, then it naturally falls upon Yu Liang.
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Often, the watershed moment in fate is not about catching the right trend, but hinges on the nuance of one's choices.
After 2017, although Wang Shi remained a figurehead and spiritual leader for 000002, his actual control over the company had become minimal.
A contact from 000002's finance department recounted a story: upon returning from studying abroad in 2014, Wang Shi was dissatisfied with the company's performance and convened a meeting in Shunyi, Beijing, with over 100 senior executives. The core agenda was focusing on inventory, when 000002's project value was around 200 billion yuan. Wang Shi said: "Don't give me crap about scale; we need to focus on collections." Ultimately, 000002's sales revenue and collections both exceeded 200 billion yuan, seemingly a direct response to Wang Shi's directive. Meanwhile, Greenland, undaunted by the so-called "000002 curse," seized the annual sales crown with 240 billion yuan.
The turning point arrived three years later. In mid-2017, during a 000002 board meeting, Wang Shi suddenly wanted to add an item to the agenda to speak about operational issues. He asked his secretary to communicate with Ms. Si, who was then Yu Liang's secretary. After consulting with Yu, Ms. Si replied: "We've discussed it with President Yu; the agenda is too tight this time. There is definitely no time allocated for the former chairman!"
A witness to the entire exchange expressed respect. Even though Ms. Si was known for her independent streak within 000002, this direct rebuttal was particularly bold.
Insiders familiar with 000002 suggest that had Wang Shi not stepped back, the company's development trajectory might have been different. Although Yu Liang demonstrated foresight by being the first to raise the slogan "Survive" in 2018, reflecting his rational side, as the second-generation successor, he had his own ideas and a role to fulfill.
In 2019, Wang Shi approached Yu Liang, explicitly stating that he felt Yu should better control the pace of 000002's development and avoid over-expansion. Yu Liang's response was diplomatic: "You entrusted 000002 to me; I cannot let its scale diminish significantly. I cannot ruin the legacy you built." Wang Shi later reflected to friends: "After he said that, I had no way to continue the conversation."
Yu Liang summited Mount Everest for the first time, a decade after Wang Shi's successful ascent. After his significant weight loss, he not only became a frequent feature in fashion magazines but also matched Wang Shi in pursuing symbolic heights of personal achievement.
The Rothschild family once said: Creating wealth requires courage and caution, but preserving it demands ten times the wisdom.
Luck is also necessary. When Shenzhen Metro took control of 000002, it likely never anticipated that the scenario was originally a script intended for Yao Zhenhua and Baoneng.
Many know the story of Boson lending 12.4 billion yuan to Tahoe Group without collateral at an annualized cost of 40%. Fewer are aware that Wanda borrowed even more, likely exceeding 20 billion yuan. The strategy of striving to survive while simultaneously increasing leverage ultimately became a fatal boomerang.
During his tenure as President of 000002, Zhu Jiusheng approached Tahoe multiple times, stating they weren't demanding immediate repayment but merely needed a repayment plan to present to Shenzhen Metro.
This mirrors the criticism directed at Wang Shi: I remain the same, but the world around me has changed. For ordinary people, constructing one's own belief system and worldview is paramount; it at least prevents one from getting easily lost.
Subsequent chapters of this story are already half-written. The once-prominent figures who dominated the industry now find their paths fraught with twists, turns, and displacement, serving as the most vivid footnotes to this era.
Recently, Zhu Xu, former Board Secretary of 000002 and current director of Onewo, was summoned by relevant authorities for discussions and asked to return her compensation from the past four years, "even the salary." This demand reportedly applies not just to Zhu Xu, but to all core senior executives at 000002 over the past four years. It is said President Yu has also begun selling properties.
This brings to mind Xia Haijun, former President of Evergrande, who has long since retreated to the US. He naturally owns numerous properties, one of which is in Irvine, California. His wife frequently visited a nearby appliance store, both to shop and chat. Once, around lunchtime, she took a lunch box from her bag and asked: "Do you have a microwave here? Could you heat this up for me?" "This happened twice!"
Of course, Mr. Xia is also a seasoned performer; sometimes it might be part of the role. Transitioning from industrialist to actor, life seems to circle back to the beginning. A state of moderate fulfillment can be superior to one of seeming perfection.
At least he still possesses his freedom.
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