Li Ruijie, chairman of Zhongqingbao, left office: passed the position of "prince", weak management, and lost more than 100 million

Li Ruijie once used "Leader" as his English name, and he may not be a good leader.

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Author | Dong Zibo

Edit | Lin Juemin

According to a former executive of Zhongqingbao, more than a decade ago, when "Old Li" Li Ruijie first brought his son Li Yilun to the company, "Xiao Li" was still a small fat man.

N years later, "Old Li" officially announced that he had given up his position as chairman of Zhongqingbao and handed the baton to "Xiao Li", who was only 28 years old this year, younger than many workers in the company.

1

Li Ruijie and his people

Li Ruijie and his people are a generation of "cattle people". Born in 1967, a native of Jieyang, Guangdong Province, he was often mistaken for a Teochew native in his early years and had an active mind. He first squeezed across the canoe bridge, was admitted to Nankai University, and met his wife Zhang Yunxia at the school; then quit his job with a monthly salary of 1,000 yuan to go to the sea to do business and do some import and export business. In the 1990s, China's shopping malls were like "gold rushes", Li Ruijie started from the sound card business, and then turned to the server field, from after-sales to production, riding on Intel's East Wind, he founded the "Baode" three years after the start-up, the scenery is very beautiful. The cigarette in Li Ruijie's hand has also changed from a 2 cent pack of miscellaneous goods to soft China.

Since the beginning of "Baode", Li Ruijie has been determined to be a family business. His wife, Zhang Yunxia, was his assistant and his military master and aide-de-camp, and started a business with him.

"Baode" can become today's "Zhongqing Bao", in the final analysis, "Old Li" excellent sense of smell. In 2002, Baode was listed in Hong Kong, and after several twists and turns, the stock price was not satisfactory, forcing Li Ruijie to think bitterly. He found that the server industry bubble has long been blown, and the passion is greater than the rational industry heat is too hot. This forced him to formulate a response in advance and find the "second curve" of the company's development. The server track, which is becoming more homogeneous in competition, has gradually begun to cool down after 2003.

The game is the answer found by "Old Lee".

Li Ruijie does not play games, but Li Ruijie knows how profitable games are. Online games cannot be without servers, and as a server provider that supports game operations, "Old Li" looks really hungry.

Involved in the early days of the game industry, Boyd and game vendors adopted a cooperative approach to game revenue sharing. However, after a long time, others "eat meat", Li Ruijie did not want to "drink soup", so he began to invest in self-research. Starting from "The Great Qing Empire", "Old Li" entered the game as deep as the sea, and Li Ruijie did it for more than ten years.

What really makes Li Ruijie stand firm in the game circle is their "red game". The former executive of Zhongqingbao told Leifeng Network that red online games such as "Anti-War Online" and "Bright Sword Online" were the tone set by the company at that time, and for this reason, it made sufficient efforts in the market, products, capital and other aspects.

In 2008, "Old Li" accepted the capital increase of the three VCs under the Communist Youth League, officially renamed "Zhongqingbao", and it was good to cool under the tree, and since then, it has been doing the historical game and the "red game" well. "Accurate positioning, but also enough effort, naturally like the red game of all kinds of resources, will be for you to support." That's what the executive said.

As for the "old Li" himself, who has always been curious about the outside world, Leifeng Network has confirmed that there is no background.

2

A company leader with the name "Leader"

At the beginning of his business, Li Ruijie decided that he could not be a "soldier", but only a "general". In the early years, the English name of the "Boyd" he founded was "Power Leader", and the English name he gave himself was also "Leader".

As a company leader in the name of "leader", Li Ruijie may not be very good at management.

According to a person close to Li Ruijie, sometimes in corporate governance, "old Li" often "throws his hands" of management work to his wife Zhang Yun. In terms of the actual management model, the management of Zhongqingbao can also be called "iron fist". It is rumored that new employees should participate in "military training" from the second to the eighth day of the New Year, and they will be dismissed without reason; in 2014, the "99 Plan", that is, today's 997 work system, should be "overtime, the same day and month", which has caused employees to complain.

It is rumored on the Internet that he once picked up a chair to attack the opposing female lawyer because of the infringement lawsuit by Adobe, causing the latter to "have 6 stitches in the head, and injuries to the neck, back, waist and knees", and finally had to pay high compensation for private. In this regard, Li Ruijie himself said that the report was untrue and the female lawyer fell in the chaos.

At the same time, the Internet rumor that "Old Li" also took action against his subordinates, and applied an old fist to former deputy general manager Wu Peng, which provoked the police to intervene, and became the talk of many people after dinner. Some people say that Li Ruijie acted angrily because he suspected that Wu Peng had "made private profits" during his term of office. After Wu Peng left office, "Old Li" also "fired" in the company's internal notice: "Let Wu Peng go home to accompany his wife to have twins, and help the child change diapers." ”

According to the report of the First Finance and Economics, such a series of controversies even caused the "China Youth United Creation" with the background of the Central Committee of the League to gradually withdraw its shares, almost ruining the government relations that it had accumulated over the years.

I have to say that "Old Li" has a good business mind, quick movements, and a keen sense of smell, and is a good businessman, but he can't be a good manager. In his various stories, he is very happy, irritable, loves to fight chicken blood, and is in danger and chaos. In 2013, after Li Ruijie injured vice president Wu Peng, Phoenix Network once quoted industry insiders as saying: "This is not only harmful to the corporate image, but also not conducive to the company's bigger and stronger." The clashes with Wu Peng also reflected That Li Ruijie's lack of the dignity that a modern manager should have. ”

Before May Day this year, Li Ruijie's "forced overtime" storm was boiling over, and compared with his previous works, there was even a sense of "small witch seeing big witch". And this time, "Old Li" honestly apologized, compared with N years ago, he has some "elderly demeanor", or maybe he knows that he is about to give way and wants to leave a good impression for his son.

Many media, when reporting Li Ruijie's "abdication," linked it to his gaffe of "firing without overtime." The Leifeng Network learned from many angles that the transfer of power from "Old Li" to "Little Li" was carried out as early as possible, and there was no direct connection with his recent controversy. At the end of last year, Zhongqingbao engaged in equity incentives, 10.6 million shares, "Old Li" and "Little Li" each received 2.63 million shares, for which they also ate a letter of concern from the Shenzhen Stock Exchange; and LeiFeng Network also learned that Li Yilun loved to play games since he was a child, and he had been in power for a while, but he had not yet played too good results.

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Consecutive years of losses, at this time to hand over the baton is in the "pit son"?

In the past year, the "meta-universe" has become the outlet for The stock price of Zhongqingbao to skyrocket. However, even if it rides on the wind, Zhongqingbao will inevitably continue to lose money. It is reported that in the first quarter of 2022, the non-profit of the shares deducted was less than 500,000 yuan. In 2021, the non-loss attributable to the shares was 46.22 million yuan, and in 2020, the loss was 135 million yuan.

After years of losses, it is no wonder that "Old Li" is anxious to "lose his demeanor", and at this time, he chooses to formally hand over the baton, which is also considered by some people to be a "pit son". However, considering the nature of the Zhongqingbao family business, the "old Li" who retired from the front line does not mean that he completely let go and leave all the problems to the 28-year-old "Little Li".

And in fact, leaving Zhongqingbao is only the first step in Li Ruijie's "abdication". According to the news, "Lao Li" is still working in 39 companies in the Zhongqingbao Matrix. At the same time, Li Ruijie is still the largest shareholder of Zhongqingbao, and the actual controller has not changed substantially. Whether it is "hanging the curtain to listen to the government" or gradually handing over, Leifeng Network is still unknown.

After Li Ruijie's departure was exposed, there was natural ridicule on the Internet. However, about the controversy of "Old Li", the former executive of Zhongqingbao told Leifeng Network: "The audience thinks that they are standing on the shore to watch the liveliness, and others are standing upstairs to watch the audience." ”

Li Ruijie is fierce and arrogant, but Li Ruijie is definitely not stupid. In 2010, Zhongqingbao raised 800 million yuan with a profit of tens of millions. After the listing, with hundreds of millions of revenues and tens of millions of profits, it has created a market value of PE21.6 times, and has experienced many financial cleanups, and can still save itself and be safe.

"For 20 years, it has been known as a demon stock, and it is still a rare listed company that has been safe and sound. This is not something that rough, stupid people can do. The executive said of Li Ruijie.

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