Liu Lirong, founder of Jinli, suffered a disastrous defeat in the casino and lost over ten billion yuan in assets!

Tech 2023-05-29 15:07:59 Source: Network

Liu Lirong, a renowned Chinese entrepreneur and founder of Jinli Group, is renowned for his outstanding achievements in the field of mobile communication in China.His entrepreneurial journey is full of hardships and determination, showcasing how an ordinary person can achieve their dreams through hard work and perseverance

Liu Lirong, a renowned Chinese entrepreneur and founder of Jinli Group, is renowned for his outstanding achievements in the field of mobile communication in China.

His entrepreneurial journey is full of hardships and determination, showcasing how an ordinary person can achieve their dreams through hard work and perseverance.

Big brand "Jinli"

At that time, when Liu Lirong founded Jinli, he really recruited a hundred million and established the Lijin Mobile Communication Design and Research Institute.

From the beginning, they focused on independent research and development, which is the key to Jinli's ability to survive from the era of functional phones to the era of smartphones.

At that time, most of the mobile phones in China were counterfeit versions, and domestic phones were basically counterfeit phones. But Liu Lirong chose a unique path and was determined to create his own brand of mobile phones.

In that era when technology was relatively scarce, Gionee mobile phone conquered the market through practical functions such as big speakers and big batteries. In 2003, Gionee mobile phone sold one million at a time, with more than 800 million sold.

In 2004, they sold another 1.7 million units, and the money sold more than doubled dozens of times. However, in the past two years, Jinli only worked as a OEM for other companies, and until 2005, they felt fully prepared in all aspects.

In 2016, Liu Dehua and Feng Xiaogang were invited to shoot an advertising film together. At that time, the brand of Gionee mobile phone quickly went to every city. At that time, other local mobile phone brands such as Bird, Amoi, TCL, etc. also entered our lives at the same time.

However, after 2008, these brands basically disappeared, with only Jinli still surviving at this stage and surviving quite well.

Liu Lirong once proudly said that at their lowest point, they experienced the fastest growth. By 2010, Gionee mobile phone had reached a new height, ranking the third in the industry in terms of market size, second only to Nokia and Samsung.

The annual production of domestically produced mobile phones has reached 80 million units, which can be said to have unlimited potential.

However, the good times did not last long, and Jin Li later embarked on a downward trend. At that time, they angrily spent over a billion yuan asking celebrities to endorse them. At the end of 2015, Liu Lirong returned to the scene and made a big move from the beginning.

They signed a number of A-list stars, such as Feng Xiaogang, Jacky Xue, Yu Wenle, Liu Tao, and sponsored the popular variety show "Good Chinese Songs", "Happy Jianghu", "Four Masterpieces", "Cross border Singer", etc.

However, celebrity endorsements also have timeliness, and the market landscape has changed, making this strategy clearly ineffective.

The overwhelming publicity and advertising bombardment were only temporary effects and did not bring back Jin Li's situation.

In fact, since 2011, Gionee mobile phone have been out of date, and their product design has lagged behind other brands. While other mobile phone brands are pursuing cost-effectiveness, Jinli is still insisting on making larger batteries and ultra long standby times.

When the beauty and soft light of other mobile phone front facing cameras have been played out, Jinli is still working hard to develop its own front facing dual cameras.

Most importantly, while everyone is concerned about performance and hardware, Jinli is still emphasizing how powerful its security performance is. Not to mention whether ordinary people can really feel this security, is the security of Internet giants like Alipay and WeChat unreliable?

Another issue is the awkward brand positioning of Jinli. Each mobile phone brand has its own characteristics and labels. For example, Xiaomi is known for its extreme cost-effectiveness, while Apple is highly praised for its unique iOS system.

To be honest, Jin Li gives the impression of being an elderly machine.

In addition, Jinli claims to be a business phone, but is unable to create a youthful product, making it really difficult to find a reason to buy it.

So, there is a reason why Jinli has declined in market competition.

They did not keep up with the pace of the times in a timely manner, and their product design fell behind other brands. At the same time, the brand positioning is also awkward, lacking unique selling points and attractiveness.

This has led to Jinli gradually losing its competitiveness in the fierce mobile phone market.

The First Half of Liu Lirong's Life

Liu Lirong, born in Yiyang, Hunan, has had excellent learning abilities and qualities since childhood. His enterprising and talented spirit led him to successfully be admitted to Changsha Central South University of Technology. After entering the university, he continued to demonstrate a meticulous and sincere attitude, which was highly praised.

He entered Central South University at the age of 18. A few years later, he unexpectedly became the vice president of Jinzheng Group, with a reputation outside. At the age of 30, he decisively started his own business and established the Jinli Group.

He has a great love for playing Go, and is simply recognized as a Go expert in the business world. He is very powerful.

Some people say that he is particularly cautious in playing chess and does not take any risks. Perhaps every entrepreneur has some gambler's spirit in their bones, but using it on the right path is courage, and using it on the wrong path is destruction.

In 1994, Liu Lirong graduated from school and could then work at a research institute in Tianjin. A research institute is a unit that many people aspire to.

I envy being able to earn 500 yuan a month. However, Liu Lirong felt that such a life was too mediocre and lacked any novelty. He decided to leave and go to Guangdong to explore Xintiandi.

Do you know why he made such a heavy decision? Because he heard that the newly appointed director at that time was over 50 years old, and so far among the directors, he is considered young.

He thinks that even if the job is even more impressive, he can only become a director at the age of 50, and he thinks this speed is too slow. Because his education was decent, he quickly found a company to do related management work.

At Xiaobawang Company, he won the recognition of Xiaobawang's successor director Yang Minggui through his own efforts, and also received a house as a reward.

Then, in 1997, Yang Minggui left the company and founded Jinli Company himself. Before leaving, he came to find Liu Lirong to join. In this way, a young man who was not yet 25 years old became the executive vice president of Kim Jong Company.

Losing 12 billion RMB, Jinli disappeared

Who would have thought that such a once highly sought after young talent would be burdened with billions in debt just a few years later. Perhaps because he has a gambling personality, he really went to the casino to gamble this time. And it was blocked more than once.

He gambled multiple times in a casino on Saipan Island, throwing tens of billions at the casino. And Jin Li's capital chain was broken, which is precisely because Liu Lirong lost gambling in Saipan.

But some people have revealed that Liu Lirong lost several billion yuan in one go on Saipan Island.

Liu Lirong has never denied that he went gambling, but he himself did not lose so much money, only over a billion. But some people say that Liu Lirong should have lost over ten billion yuan in the casino.

After an internal investigation by the company, Liu Lirong lost more than a few billion yuan before and after Saipan Island, definitely exceeding 20 billion yuan.

But at the gambling table, you have to win or lose, and you don't know how to show any respect. Losing means losing, and the casino won't pay you back a penny of the lost money. A good brand is at the end.

And the founder Liu Lirong also fled to Hong Kong and never dared to appear again, from a billionaire boss to an emperor who couldn't last forever. It's sad and lamentable.

Liu Lirong's gambling behavior is not only a moral issue, but also a legal issue. However, the temptation of gambling kept him trapped time and time again, ultimately leading to the bankruptcy of him and Jinli.

He has fallen from a former billionaire boss to an old man who cannot repay his debts, which is a heartbreaking outcome.

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