If there were no accidents, Zhang Jialing, who had personally created a generation of "Motor Kingdom", will spend his remaining years in prison. The day before yesterday, Zhang Jialing, former chairman of China Qingqi Group Co., Ltd., received a final criminal ruling from the Higher People's Court of Shandong Province in the Jinan City Detention Center: sentenced to life imprisonment, deprivation of political rights for life, and a fine of RMB 12.05 million. Confiscate personal property. Born in 1942, he was a milestone figure in the history of the development of Chinese motorcycles, but he eventually gave up his own future with ambiguity. As an epitome of entrepreneur tragedies during the economic transition period, Zhang Jialing’s deteriorating trajectory is particularly embarrassing. Former glory From the 90s of the last century to the beginning of this century, Zhang Jialing's name was as well known as the words "Embark on a gentle ride and succeed." In 1984, Zhangjialing took over the Jinan Qingqi Motorcycle Factory. At that time, the plant had an asset of 20 million yuan, which was already in an unsustainable state and could be said to be between dying. However, under the governance of Zhangjialing, Jinan Qingqi Motorcycle General Factory has grown rapidly and became “China Qingqi Group Co., Ltd.â€. Its assets have reached 15 billion yuan, and its annual output has exceeded 1.6 million. It has also been the “big brother†of the national motorcycle industry for three consecutive years. Zhang Jialing is also a "first mover" in the capital market. In 1993, shortly after the Chinese stock market started, Zhang Jialing successfully promoted Jinan Qingqi to the stock market, becoming the first listed company in Jinan and the first blue-chip company with both A shares and B shares. Later, Zhangjialing’s “gentlemanship†group used to include three listed companies: Jinan Qingqi, Xin Dazhou and Qingqi Haipia. In the mid-1990s, Jinan Qingqi reached its peak. There is no need to add "quotation marks" for the prosperity here, because in Jinan, Qingqi Group is the most enviable company and the "flag-based" company. At that time, Qingqi Group had 83 wholly-owned, joint venture, holding, and shareholding companies in China and abroad. Zhang Jialing was elected as the representative of the Ninth National People's Congress in 1998. Before that, Zhang Jialing even became a candidate for deputy mayor in 1993. Although he was not elected. The "star" falls "It is also flourishing, and its death is also embarrassing." In the surface of the peak, the crisis of the Qingqi Group gradually accumulated to the point where there is no further increase. The crisis comes partly from Zhang Jialing’s “biggerâ€. The so-called "bigger" is that the size of the company is "bigger" and the second is his personal "sitting big." According to information from the Audit Bureau of Jinan City, Qingqi Group quickly declined from prosperity, related to its over-expansion, blind mergers, and diversified investment strategies. In order to make the company "bigger", the 1995 Young Riding Group launched a large-scale expansion and built nearly 500 motorcycle production and supporting companies across the country. Especially in the tide of mergers and acquisitions around 1997, it had acquired 24 mergers and acquisitions that were difficult or near collapse, with an accumulated loss of 880 million yuan. In addition, a total of 122 companies invested in more than 70 countries and regions overseas invested 140 million yuan, resulting in a potential loss of nearly 100 million yuan at that time. While blindly expanding, Qingqi Group also launched a diversified investment and successively involved in agriculture, medicine, finance, information industry, and automobile industry. According to the audit of auditors’ investment performance of the 58 enterprises invested by Qingqi Group from 1998 to 2005, the accumulated investment was 2.5 billion yuan. At that time, the recorded investment losses were 550 million yuan, and the unrecognized investment losses were 380 million yuan. The potential loss was 170 million yuan and the total loss was 1.1 billion yuan. The investment loss rate reached 44%. By 2005, most of the above-mentioned "gentleman" companies had already existed in name only, and the losses of the Qingqi Group were huge. Later audit results showed that the asset-liability ratio of Qingqi Group at the end of 2005 was 200%, and the value of asset preservation and appreciation was -6615%. At the time of the audit, Qingqi Group had a cumulative loss of RMB 3.6 billion, and had non-performing assets and potential losses of RMB 3.4 billion. A star company collapsed. In recent two years, although Qingqi Group has achieved equity transfer, its “aftereffects†still exist. At Pingyao Road, Jinan, where the headquarters of the Qingqi Group is located, employees’ large slogans asking for wages and social insurance are still often the scene in the street. “The expansion of Qingqi Group naturally has personal factors of Zhangjialing. However, other factors can not be ignored.†A person familiar with Zhangjialing and participating in the Jinan business community who later participated in the reorganization of Jinan Qingqi told CBN reporters that the Qingqi Group had already been “difficult to surviveâ€. No contradiction of expansion will immediately emerge, and Qingqi will die faster. And some of these companies merged to solve the "real difficulties" of Jinan City. Lack of supervision In early January 2007, Zhangjialing was "double-regulation" and was detained in July 2008. He was subsequently arrested. “Desperate and behave†is the assessment of Zhang Jialing by the relevant persons in the Jinan City Audit Bureau who participated in the case. In an interview with Xinhua News Agency reporters, the person said that Zhang Jialing was obsessed with the business and refused to accept external supervision. Even the city leaders did not look down. From 1999 to the time of the incident in 2007, Zhang Jialing did not even receive an economic responsibility audit, leading to growing problems. He is both the president and secretary of the party committee. He is the chairman of the group company and the chairman of many holding companies including listed companies. Zhang Jialing once said to the investigators: "As a chairman, it is convenient to mobilize funds. Subordinates know that I use money, and I will not ask whether the money is public or private." “Zhangjialing is a character belonging to the “father†level at Qingqi Group. Who dares to say 'no' to him?†An employee who has worked in “Jinan Qingqi†has told CBN reporters. Zhang Jialing said no one in the company, "a word of service, spend a pen, use a sentence." Zhang Jialing repeatedly mentioned the lack of external supervision after the incident, "the individual power is too concentrated, it is difficult to hear the contrary opinion." Zhang Jialing can behave arbitrarily, and his men can behave arbitrarily. In the end, the Qingqi Group case becomes a "women case." Along with him, he also included more than 40 senior executives and staff of the Qingqi Group.