The CEO of Fenbi (02469.HK) suggested that investing in the stock market is the most promising career path for the future during a university lecture, but his remarks, coupled with inappropriate comments made due to poor audience interaction, have ignited a public relations storm. Meanwhile, the company he leads has seen its market value plummet by over 90% since its IPO more than three years ago, with its financial performance consistently weakening. Is he advising students to trade stocks while his own company's share price collapses?
Recently, Zhang Xiaolong, the founder and CEO of online vocational education company Fenbi (02469.HK), stated publicly during a lecture for university students that "stock trading is the most promising employment direction for the future." He cited his personal experience of entering the market with 80 million yuan and earning 53 million yuan in a month as an example, encouraging students to participate in the capital market early. During the lecture, dissatisfied with the level of student interaction, Zhang lost his temper, and related audio recordings quickly spread across the internet.
Impacted by the controversy surrounding his remarks, Fenbi's share price has continued to decline, falling a cumulative 12% over the last two trading sessions. As of the close on June 5th, the stock has fallen more than 70% since the beginning of 2026. Since its IPO three and a half years ago, its market capitalization has evaporated by over 90%, relegating it to "penny stock" status, with the company's total market cap currently hovering around HK$1.3 billion.
A Career Planning Lecture That Went Awry
The recent weakness in Fenbi's share price was triggered by a lecture held at the School of Philosophy of Renmin University of China on June 3rd. According to multiple media reports, the original theme of Zhang Xiaolong's lecture was to share insights on the civil service exam tutoring industry, but it was changed at the last minute to "Career Planning in the AI Era." However, during the sharing session, Zhang did not discuss diverse employment opportunities in the context of AI trends. Instead, he claimed that the "most promising employment direction for the future" is stock trading and shared his personal experience of investing 80 million yuan to earn 53 million yuan in a month.
Dissatisfied with the on-site interaction, Zhang lost his temper, made inappropriate remarks, and subsequently left the event midway. Related audio recordings and transcripts quickly spread online. Circulated audio from the scene captured Zhang saying, "I'm a bit angry, let me criticize you all. Don't think that just because you're from Renmin University, you're something special... You have no feeling for a new thing that brings huge transformation and wealth to society, so it's only right that you can't find jobs. Society shouldn't give you jobs... I think you are very poor."
Facing public pressure, Fenbi issued an apology letter via its official Weibo account on June 4th. Zhang Xiaolong admitted to "inappropriate personal conduct, leaving midway, and making improper remarks" during the speech, apologized to the teachers and students of Renmin University and the public, and stated he is "willing to bear the corresponding consequences."
Promoting Stock Market Wealth Sparks Debate as Listed Entity Faces Dual Pressure on Share Price and Performance
It is noteworthy that Zhang Xiaolong, presenting himself as an experienced figure, promoted the idea of creating wealth through stock trading to students. However, it is ironic that, as the CEO of a listed company, his primary duty should be to enhance the company's operational value and shareholder returns. Fenbi has been listed for over three years, yet its share price has fallen by 90%, causing significant losses for long-term investors.
In sync with the weak share price is Fenbi's fundamental performance. According to the company's full-year 2025 financial report, Fenbi achieved operating revenue of 2.677 billion yuan, a year-on-year decrease of 4.1%. Net profit was 198 million yuan, a significant year-on-year decline of 17.3%. This marks the second consecutive year of negative net profit growth for Fenbi since its listing.
Analysis points out that Fenbi's core businesses, such as civil service exam and teacher recruitment training, are facing multiple challenges. On one hand, a large number of low-cost small studios and individual tutors are diverting students through online channels. On the other hand, cross-sector players like Zhonggong Education and Huatu Education continue to increase their efforts. Furthermore, Fenbi's own business model, which heavily relies on "refundable tuition fee programs," is leading to increased pressure from refunds during the market downturn, with the problem of increasing revenue without increasing profit remaining unresolved.
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