Speaking of Xiao Yongming, the richest man in Qinghai, he has become a well-known public figure in recent years. He is famous not only because he is the richest man in Qinghai, but also because he is debt-ridden and is under investigation by the China Securities Regulatory Commission.

It still seems that ordinary people are envious. The wealth of such rich people who can be on the ranking list can make ordinary people look at it for half a day. But there is a problem. People may not pay attention to it. If you think about it, the assets of the richest people on the rankings all have a certain degree of moisture. When calculating net assets, the equity value of the listed companies in their hands is usually included, and these assets cannot be turned into cash immediately. Therefore, the money actually paid is far from that much, and this is the case for Xiao Yongming.

Three years ago, he used to fly a helicopter when going home to do errands. But since last year, even high-speed rail consumption has been restricted. The huge changes are disappointing.

From restaurant owner to "Potassium Fertilizer King"

Xiao Yongming was born in Anyue County, Sichuan Province in 1964. His father, Xiao Fanglin, was a production team leader before the reform and opening up, and became a production team leader after the reform and opening up. He did many businesses and later opened Yonghong Plastic Factory.

Xiao Yongming is the eldest son of the family. He did not do well in his youth and was very naughty. So he left school at the age of 17 to follow his father in business, and became the deputy director of Yonghong Plastic Factory at a young age. I gained a lot of experience under my father. In the 1980s, he was considered a rich second generation.

More than ten years later, at the age of 32, he went out to work alone. The place where he worked was far away from his hometown. It was a Tibetan area, but it was not Tibet. He went to Golmud, Qinghai.

Xiao Yongming’s earliest business in Golmud was in the catering industry. He opened a restaurant called "Little Restaurant". This restaurant was very prosperous and it is said to have become the Golmud catering industry in the 1990s. industry benchmark.

After this, Xiao Yongming did not stand still. In the late 1990s, the domestic manufacturing industry rose rapidly, and Golmud, an inland city, is rich in mineral resources.

There is a lake in Golmud. Xiao Yongming heard that the potash content in this lake is very high. Then he went to investigate in person. As a result, he discovered business opportunities, so he turned to the potash fertilizer business. With his shrewdness and talent, the money he earned from the potash fertilizer business soon exceeded his income from catering. So he bought a potash fertilizer processing plant.

In November 2002, he and his wife Lin Jifang registered and established Zangge Potash Co., Ltd. In fact, at that time, Xiao Yongming's company was inconspicuous in the local area. At that time, the two potash fertilizer companies with the highest market share in Golmud were both state-owned.

Starting in 2004, Zangge Potash began to invest in Kunlun Mining, but the initial ratio was only 1.25. In the following years, Xiao Yongming continued to increase his holdings. After a series of high-quality enterprise acquisitions and capital increases, the shareholding ratio in Kunlun Mining gradually increased to 15, becoming the second largest shareholder.

In 2007, in order to protect resources and reduce the adverse effects of indiscriminate mining and excavation by small factories, the government began to lead industrial integration. Later, Zangge Potash Fertilizer merged with the Potash and Magnesium Plant (also known as Hanhai Group). Regarding his acquisition of Hanhai Group, the old employees in the factory expressed no understanding. When it was acquired, Hanhai Group was in a profitable state, with good employee benefits and benefits, and there were opportunities to travel every year.

After that, Zangge Potash Fertilizer jumped to the second place in the industry, and fellow Sichuan merchants who knew him well respected him spontaneously and took him as an example.

In 2016, Zangge Potash Fertilizer was successfully listed, and Xiao Yongming’s net worth soared to 26.5 billion yuan, becoming the richest man in Qinghai Province that year.

However, Xiao Yongming officially entered the public eye , he bought a private jet in 2017, spending 300 million, and drove it back to his hometown in a high-profile manner.

The richest man who "falled" the fastest

In 2017, the local newspaper published a piece of news saying that the National Day Expressway was too congested, and there were enviable incidents on Binhe Road in Shiyang Town. Scene: A private helicopter parked in the town. Several people got off the plane and were immediately picked up by a waiting car. This was when Xiao Yongming sent his family back to his hometown in Sichuan to run errands. He drove a helicopter and the private plane landed at his hometown. , attracted the attention of many passers-by, the scenery is infinite, and it was once a favorite story in my hometown.

Although his family rarely returns to Shiyang Town now, at the door of his hometown in Sichuan, you can still see a plaque with an inscription from the Anyue County Public Security Bureau, which is very majestic.

After Xiao Yongming became famous, he was very generous to his fellow villagers, giving 1,000 yuan to the elderly who returned to the production team every year. Children stood in line for 400 to get paid. After he became rich, he did not forget to take care of his fellow villagers. Many fellow villagers in the village went to work with him in Golmud, and some were even responsible for management.

As the saying goes, "Success is Xiaohe, and failure is Xiaohe."

Once Zangge Potash Fertilizer absorbed powerful capital as shares before injecting it into the listed company. Now Xiao Yongming has copied the same path to Julong Copper. And it was his mining industry that brought Xiao Yongming down to the throne.

The actual controlling shareholder of Julong Copper is Xiao Yongming. The company was established in 2006. In 2012, 42.88% of Julong Copper’s equity was transferred to Zangge. Interestingly, the actual controllers of both parties in the transaction were Xiao Yongming. As for why Julong Copper was sold, the company explained that it was to supplement the liquidity needed for development.

However, Julong Copper Mine has been a company that has been losing money for many years. However, Xiao Yongming was interested in the rich copper resources, so he successively invested in the company through loans, equity pledges, financing and other means. 15.1 billion yuan in acquisitions. It was this acquisition that started Xiao Yongming's career to go downhill. He could not fill the huge financial gap of Julong Copper.

There are unpredictable circumstances. This time Xiao Yongming not only failed, but also failed miserably.

A few years later, Xiao Yongming had a total debt of nearly 22 billion yuan. In the same year, he was forced to step down as legal representative due to suspicion of illegal operations. At the end of the year, due to operating income and operating profit. etc. questions. He was banned from the market for five years and fined 900,000 yuan.

Xiao Yongming himself was restricted from traveling by plane, high-speed rail, etc., and became a deadbeat. In just 5 months, he was heavily in debt. The means of transportation that ordinary people can take are no longer available.

It remains to be seen whether Sichuan tycoon Xiao Yongming, who has encountered the biggest "Waterloo" in his life, can turn around again and realize "there is no way out after mountains and rivers, and there is a bright future in another village".