In 2005, the number of Internet users in China exceeded 100 million for the first time, making China the second largest Internet country after the United States.

In the same year, Jiang Nanchun's Focus Media went public on the NASDAQ, creating an IPO record with $172 million in fundraising, and becoming the first overseas-listed advertising and media company in China.

Focus Media was a model for the budding Chinese capital market, and Jiang Nanchun, who became rich overnight, became the idol of countless entrepreneurs.

Later, Douban, Catchup, 58 Tongcheng, PPTV, Tudou, and Qihoo 360, all of which are familiar to the majority of Internet users, appeared one after another in this year.

China's capital market also began to grow this year, with several new entrants: Xu Xin founded Today Capital, and Shen Nanpeng, who left Ctrip, founded Sequoia Capital.

There are groups of capitalists, and there are singles.

At this time, people began to hear a new term: angel investors.

Lei Jun had not yet set up Xiaomi, but shelled out 1 million dollars to invest in the founder of YY voice, Li Xueling, a big player.

There is also a Fujianese named Cai Wensheng with 500,000 and 1.8 million respectively, invested in 58 Tongcheng and storm video, are later made a lot of money.

This year, smartphones were not yet popular, and people's biggest entertainment was sending and receiving MMS through the WAP function of their cell phones, and looking at the quality of the cell phone pictures, which could not be worse.

At this time, a network called Beijing Kaiwei point to sue the network has accumulated a database of nearly 70 million WAP users, and can send more than 12 million times a day to the user's SMS, accounting for 90% of the national WAP users.

Despite the lack of WAP content, for most users, it's better than nothing, and it's good to look at it every day as a pastime.

With users subscribing to the service, there are advertisements being pushed out, and Cavium, which runs the WAP service, is making a lot of money every year from SMS ads.

In 2006, seeing that KVM had such strong SMS advertising power, Jiang Nanchun, who was not short of money, found his boss, Xu Maodong, and negotiated a $30 million acquisition of Beijing KVM Network Technology Co.

After the acquisition was completed, Xu Maodong became an executive under Jiang Nanchun.

Not long after, Xu Maodong, who is used to traveling alone, resigned because he was not used to the life of a parasite.

It didn't matter that Focus Media had one less executive.

But from now on, there is one more capitalist predator that can change hands for clouds and hands for rain.

Because the company was acquired, Xu Maodong tasted the sweetness of the capital market, and realized that the integration of the Internet model and traditional project investment will be a very attractive concept.

At this time, China's Internet tide has just started, investors in traditional industries are both curious about the Internet and unfamiliar with it, and are in desperate need of a person who understands traditional industries and is familiar with the Internet to lead the way.

Xu Maodong seized the opportunity to act as an "angel investor" with hands-on experience and money.

In 2007, Xu Maodong, together with Bintao Gou and Ma Liqun, founded Xiaoneng Technology, a consulting company specializing in Internet investment and joint ventures.

Xu Maodong does not care about the operation, only responsible for the money, others are responsible for the effort.

Xiaoneng has been involved in incubating and investing in many of China's early Internet startups, and Xu Maodong has made a lot of money.

But this money is "small money" in the eyes of Xu Maodong, and by testing the waters of Xiaoneng, he set his sights on the Internet and e-commerce operation market, which is still unfamiliar to people.

For Xu Maodong, who is good at marketing, making money is never difficult, just a different way to play.

And his ability to make money from, when he was still in the system is shown.

In 1968, Xu Maodong was born in Rizhao, Shandong Province.

There's only a handful of early information about Xu Maodong available online, except that he grew up with good grades.

In 1986, at the age of 18, Xu Maodong was admitted to the Department of Computer Application and Automation of Wuhan University of Technology.

Wuhan University of Technology was later to become a 211 university, and the computer science program was one of the first popular majors to be offered.

However, Xu Maodong's love for his major was clearly less than his interest in business management, and he spent a lot of his time taking business management courses as an elective.

In his spare time, Xu Maodong, who aspired to be an entrepreneur, read all the biographies of international entrepreneurs.

It's not surprising that at this point, computer science students were going to go to research centers that had no jobs or status after graduation.

In the years of reform and opening up, everyone wants to do business to make money, "building the atomic bomb is not as good as selling tea eggs" is a true reflection of this period.

Unfortunately, after studying so many business management courses, Xu Maodong still entered the system after graduation, and worked in his hometown port authority.

In this kind of state-owned enterprises, it is clear to everyone that as long as you do not make any big mistakes, you will have no problem mixing for the rest of your life.

Only Xu Maodong heart is very stifled, feel that they have to be so mixed, sooner or later on the waste.

But really want to resign, Xu Maodong and dare not, he can only quietly wait for the opportunity.

In 1991, the Rizhao Port Authority set up a shopping center to engage in internal management competition.

The system to stay used to the people simply do not want to engage in any competition, which gave the "stupid" Xu Maodong an opportunity.

With a degree from a major university and a tall appearance, Xu Maodong successfully passed the internal selection process and joined the management of the shopping center.

In just three years, from an ordinary employee to a manager, Xu Maodong has learned a lot about the retail industry with his strong interest, and he has also accumulated a lot of contacts.

Xu Maodong is very serious, but his colleagues are not able to work one by one.

Whether or not there are customers, 6 o'clock off work, 5:30 have stopped the hand of the work, anxious to wait for the end of the day to go home, anyway, it is a public unit, the turnover of more and less have nothing to do with their own.

Opened a few years, the Port Authority would like to rely on the shopping center to earn some benefits, but also have to stick money into it every year.

In 1994, looking at the shopping center half-dead look, anxious to learn the Port Authority to engage in the contract responsibility system.

Xu Maodong did not hesitate to come forward to contract the shopping center, and renamed "Qilu Supermarket".

The problem of the shopping center in the end or "pot rice" caused by egalitarianism, knowingly Xu Maodong took office after a bold internal contracting reform.

He first directly linked to the performance of employees and wages, effectively enhancing the enthusiasm of employees.

Then, he adjusted the supermarket business hours to 9:00 a.m. to 9:00 p.m., and then do not rush customers.

Because the Qilu supermarket opened in the residential area, mostly the grandpa and grandma to shopping. Xu Maodong also deliberately store eggs, salt, small onions, etc. sold at cost, through the cheap old man to bring a steady stream of popularity.

This is exactly the modern business marketing thinking, through the high-frequency low-priced products to bring people, and later e-commerce to do a single product explosion with the flow is actually a routine.

After a few years of development, the turnover of Qilu Supermarket soared, expanding from a store to nearly 20, and even Rizhao City, the famous state-owned enterprise Dongdu commercial building were acquired.

In order to improve management efficiency, Xu Maodong also through his professional background in the enterprise set up an IT department, the use of computers to write off the business of the supermarket, but also to help the Port Authority to do some network projects to earn some money.

Qilu Supermarket helped Xu Maodong earn his first bucket of gold, but he was physically and mentally exhausted from his busy schedule, and felt that he earned all the hard money.

Xu Maodong in mind, there is nothing hard, but also can make a lot of money "lying earn" business?

In 1998, people were still sending and receiving voice and text messages through beepers, and there were crickets chirping all over the streets.

In order to facilitate business, Xu Maodong bought a new "Motorola" cell phone. Because of the supermarket business, he received a variety of garbage sales text messages every day, basically do not even look at the deleted.

In a dinner party, he happened to talk to a friend about the situation of too many spam messages.

The other person unintentionally mentioned, don't look at these text messages are not insignificant, but each one of them costs 1, 2 cents. The fact that there are so many cell phone users in the country, if anyone can control the channel of sending, it is a very big number.

The first time I've seen this, I've been able to see it.

Xu Maodong bright: Yes, SMS is just a software problem. There are already tens of millions of cell phone users in the country, and there will only be more and more in the future. He is a computer student, if this project is up, is not what he has been wanting to "lie down and earn" project?

Xu Maodong is busy with the supermarket business, while in his IT department to incubate the development of group text messaging software.

The efficiency of doing the project for yourself is definitely different.

In 2000, Xu Maodong already had a few very mature SMS promotion software in his hands.

After careful research, he quit the contracting of Qilu Supermarket, and with the exchange of cash to Beijing, he registered and set up the Beijing Kaifu Dotcom Network Technology Co.

Xu Maodong's second venture once again reflects his shrewdness, from heavy assets to capital more favored light asset model.

At this point, he obviously did not know too much about these, only that it is faster and easier to make money.

At this time, the domestic beeper paging market is still hot. Xu Maodong to their own development of mass text messaging technology and 23 provinces in the country telecom companies, paging station cooperation, and the project object positioning in the enterprise customers.

In 2001, cell phones began to spread throughout the country, and text messaging became a new way for people to communicate with each other, and the beeper, which had fulfilled its historical mission, was gradually withdrawn from the market.

A few years of work, with the development of mobile WAP technology, MMS technology began to appear, boring cell phone text messages added a lot of graphic content.

With the development of the times, the Kaiwei point告 also through the rich WAP information from the enterprise customers gradually penetrate into the general user market.

The huge number of users brought amazing wealth to Cadwalader, and the annual turnover exceeded 6 million dollars.

As a result, Focus Media, after its IPO, purchased Xu Maodong's Cavium, and reorganized it into Focus Wireless.

The weird thing is, when Xu Maodong left, Focus Media not only didn't sign any non-compete agreement with him, but instead let him turn around and acquire the same business form as Kewei point of view of the percentage of Tonglian, and actually transferred one of its subsidiaries (Yitong) to the percentage of Tonglian.

There is no cat and mouse here, but it is certain that Xu Maodong at this time has sniffed out the capital market tempting flavor.

Partnership in the creation of small energy technology, is Xu Maodong Internet cross-border capital market of the pilot work, he has quietly do the Internet start-ups behind the scenes investors.

In 2009, Xu Maodong set up StarHub, which is his third venture from the traditional industry formally into the field of Internet.

Because he is optimistic about the opportunities and prospects of Internet upgrading in China's traditional industries, he has taken the initiative to participate in various Internet startups as an angel investor.

This year, with the emergence of the concept of foreign group purchasing, the United States, the United States of America, the establishment of high-paying group purchasing site, the domestic group purchasing also set off a hot trend.

Xu Maodong had not yet set his sights on group-buying, and his StarHub was still looking around for a good Internet project.

Every time he found a good Internet project, he would incubate and set up a startup. StarHub, which acts as an investor and steward, helps the new company with capital, technology, and business strategy.

Since its inception, StarHub has invested in hundreds of startups, including Xiaoneng Technology, CloudZone, Micronet, Aegis, and GoldPalm, covering 16 different industry sectors.

StarHub also created StarHub in the form of Internet + real estate model, using the form of service crowdsourcing to provide entrepreneurs, the earliest practitioners of "**** enjoy the space" in China.

However, Xu Maodong is most enthusiastic about overseas listing.

During this period, Chinese Internet companies were listing on Nasdaq one after another, and the founders were all very excited when they rang the bell, which made Xu Maodong not only unconvinced, but also covetous.

In 2010, there was a sudden flurry of group-buying sites in China.

Because there is a capital boost, desperately burning money to subsidize the group purchase has become the most popular mode of consumption of Internet users.

More than 5,000 group-buying companies have sprung up, gradually evolving from the "War of the Hundred Groups" to the "War of the Thousand Groups", and the war is getting more and more intense.

This year, 42-year-old Xu Maodong returned to Jinan from Beijing, invited a large group of Shandong journalists to dinner.

He said proudly, "The whole country's Internet companies, we WoWoTuan is a Shandong accent." Let the Shandong reporters present a good deal of emotion.

It was only then that people realized that Xu Maodong had acquired his hometown Eddie Wang's "Wo Wo Tuan".

Eddie Wang is a Shandong Yantai people, in Tsinghua MBA heard the high-powered business model after 12 hours, then pulling his friend Liu Chuanjun immediately founded the WoWoTuan.

Because there was no capital, they contacted Xu Maodong through his hometown.

Xu Maodong also happened to want to invest in a group-buying company, and they hit it off.

After working together for a while, Xu Maodong felt that the development of WoWoTuan was too slow, and he was ready to work on it himself.

I don't know what Xu Maodong and Eddie Wang talked about, anyway, after the acquisition was completed, Eddie Wang directly took the money to go away, and will be WoWo group handed over to Xu Maodong.

Since then, WoWoTuan has opened a crazy expansion mode, while constantly merging and acquiring other group-buying companies, while digging people from rival companies, storm after storm.

The most powerful time, WoWoTuan from Lashou net one-time poached more than 200 employees, angry Lashou net founder Wu Bo to find Xu Maodong "one-on-one".

WoWoTuan seems to be in the first-tier cities to conquer the city, unstoppable, but no matter whether it is financing or strategy are far less stable than the United States group.

Not surprisingly, one is just to take advantage of the situation to go public, and one is trying to do a good job of the project honestly.

Xu Maodong at this time while burning money, but also making money.

In 2013, he invested four years ago in a hand tour company - Aegis sold at a valuation of 3 billion yuan to the listed company Julong Pipe, and got a return of hundreds of times.

But this money is still not good enough for Xu Maodong, who hopes that WoWoTuan can be listed on the Nasdaq in the United States and make a lot of dollars.

In January 2015, the "sea of blood" killed WoWoTuan finally listed on the NASDAQ, but raised only 40 million dollars.

Compared to the $50 million in financing in the A round, the cruel reality of the hopeful Xu Maodong gave a "stick".

This is the peak moment of WoWoTuan, but also the last glory.

Along with the Meituan and other sites in the community e-commerce service field to stand firm, the group buying war behind the "hot money" gradually faded, WoWoTuan disappeared into obscurity.

Although Xu Maodong got a "ticket" to the capital market, he was annoyed to find that it was an "expired ticket", and has not been so enthusiastic about overseas listing since then.

The good thing is that he has figured out the doorway of the capital market, and will turn his attention to the domestic A-share market, to start a new round of "wonderful" performance.

In 2016, with the A-share listed company Busen shares, Tianma shares have changed ownership, people realized that Xu Maodong's name under the Star River World actually control hundreds of enterprises, composed of a bright "Star River system".

In August of this year, Xu Maodong first through its Star River to win with and Lhasa star burned to 1 billion yuan to acquire a 29% stake in Buchen shares, swinging to become its controlling shareholder.

In October, Xu Maodong also through the Kashgar Star River, 2.937 billion to acquire 29.97% of the shares of Tianma, also become its controlling shareholder.

In fact, at that time, Xu Maodong did not have so much cash to play acquisition, he is through external financing to acquire equity, and then to equity pledge to repay the financing easily got two A-share company's equity.

For example, the acquisition of Tianma shares of 2.937 billion, of which 1.387 billion is to Kashi Star River to do equity pledge to Hengtian wealth to do short-term financing.

There is also 1.55 billion, first of all, Kashi Xinghe made a loan to the trust company, paid to the Tianma shares of the majority shareholder of Tianma Venture, followed by Tianma Venture and pledged this loan to the trust company, as a guarantee of the Kashi Xinghe loan.

In the capital market, this is a typical first fund-raising to buy shares of listed companies, and then pledge financing, and finally high prices, cash, the golden shell of the set, is not uncommon.

Only Xu Maodong exquisite use of capital leverage, played a more skillful "empty gloves" trick, this set of equity pledges of the set then became his capital market across the tried and true weapon.

Because Xu Maodong boasted of the business prospects of the confused, involved in the enterprise are unknowingly fell into the pit, but did not realize.

It's no wonder that Xu Maodong's "Star River System" is so glamorous that everyone thinks they can make money by following him. Even if you know that the front is a huge pit, you are willing to jump down with your eyes closed.

In 2016, Xu Maodong was listed in the Forbes rich list with 7.1 billion yuan, and all kinds of dazzling titles and titles are countless.

Listed companies were mesmerized by Xu Maodong's fancy concepts and brilliant aura, or dizzy state.

Because of this, the original traditional clothing industry Buchen was transformed into a financial technology company by Xu Maodong, and the original bearing manufacturing industry Tianma shares actually transformed into a cloud computing big data company.

This is another capital concept game played by Xu Maodong, wanting to take advantage of the Internet finance and big data concept of the hot time to make a big profit.

Since the "cannon fodder" are ready, the rest is timely "harvest".

At the beginning of 2017, Founder Securities and Tianma shares of the controlling shareholder - Kashi Xinghe signed a two-year pledge repurchase business, the subject of 200 million.

In September, Tianma shares to inventory to Jinfeng pawn guarantee borrowing 50 million, immediately was transferred to Xu Maodong's subsidiary of the food Lotto account; immediately after, Tianma shares and borrowed 70 million yuan from a small loan company, the money once again into the account controlled by Xu Maodong.

In October, Tianma shares again to Deqing County SMEs financial services center borrowed 100 million yuan, the loan guarantee is Bucson shares, the money is still not into the Tianma shares account, or into the account controlled by Xu Maodong.

In addition to repeated borrowing, even more than 500 million Tianma shares on the books of the cash was also transferred by Xu Maodong, once "robust" Tianma shares were squeezed alive into a "thin horse".

Xu Maodong manipulation of Tianma shares at the same time, but also quietly sell Buchen shares, 16% of its shares at a price of $ 1.066 billion to the Chongqing Anshen technology.

Through the non-operational occupancy, guarantees, related acquisitions and a series of "capital transfer art", Xu Maodong at least from the two companies rolled away 3 billion in cash.

The terrible thing is that the two companies involved in Xu Maodong buried the "mine" did not realize.

Xu Maodong also did not feel that their own operations have any problems, he also wanted to realize through the Tianma shares to build intelligent business service platform "ambition", continue to earn more money.

However, out to mix, sooner or later to return.

In early December 2017, Tianma shares closed at 9.91 yuan, falling below the warning line.

This makes the previous pledge agreement with Tianma shares Founder Securities noticed something wrong, because the previous pledge equity has faced the risk of liquidation, Founder Securities rushed to send a letter to notify Tianma shares to make up the position.

In this regard, Tianma shares have never responded.

December 18, Tianma shares flash crash, Xu Maodong emergency in the name of internal reorganization application suspension for nearly six months. But it was still detected by the Securities and Exchange Commission, and has since been wearing a ST hat.

The same day, Buchen shares also flash crash, all the way down, so that the real controller Zhao Chunxia tears.

It can be said that if it is not these two flash crash, Xu Maodong will continue to rely on his "Star River system" in the capital market continue to arbitrage.

At the end of April 2018, Xu Maodong was suspected of violating the law by the Securities and Futures Commission investigation, resigned from all the positions of Tianma shares, but unfortunately, it is not helpful.

On May 14, ST Tianma shares opened again, all the way from 9 yuan to 1.8 yuan. In less than a month, tens of thousands of shareholders of 7.8 billion yuan into nothing, blood money.

The relevant departments of the investigation found that Xu Maodong in the Buchen and Tianma shares of the board of directors without the knowledge of the background, not only massive arbitrage, but also part of the funds invested in a P2P platform called "money full warehouse".

Qianmancang is a famous domestic listed P2P platform in 2017, behind the actual controller has not been known.

Until June 2018, the money full warehouse "mine", leaving more than 200 million bad debt, people realized that the shareholders behind it is Xu Maodong's Xinghe world and Tianma shares and other holding companies.

The investigation also found that the money in the account has more than 70 million has long been transferred to the account of Xu Maodong.

It turns out that Xu Maodong, who specializes in cutting "leeks" of listed companies, has not given up cutting "leeks" of ordinary people.

On October 31, 2019, the Securities and Futures Commission (SFC) fined Xu Maodong 900,000 yuan as the top penalty.

Unfortunately, that's not the amount of money that was penalized on Xu Maodong's head.

He just saw the wind is not right, on the money absconded to the United States.

Several companies' billions of dollars in cash were ransacked by Xu Maodong, and the "black pot" still has to be Tianma shares and Buchen shares and other companies continue to back.

The brilliant "Star River system" is also due to Xu Maodong fled and fell apart, becoming worthless gravel.

In this way, the 51-year-old Xu Maodong patted his ass and walked away, leaving the capital market a pool of muddy water.

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