The Curtain Call Of Wenzhou Shoe King! Speculation Failed, Unable To Repay Debt 160 Million

Wang Yuejin, a native of Wenzhou, learned to make shoes from his uncle since he was a child. In 1984, he founded Lucheng Yuejin leather shoes factory.

This is an era of opportunities everywhere. Leather shoes at that time did not pay attention to quality, let alone brand. With several new styles, Wang Yuejin's leather shoes soon became famous in the local area, and the business of the shoe factory was booming.

Wang Yuejin is also quite innovative. With the innovation of style, the business of shoe factory is getting better and better. In 1989, for the first time, he tried to put credit cards in his shoes, so he won the title of "king of innovative shoes".

Enterprises continue to develop and expand, to 1990, Wang Yuejin changed the name of the shoe factory "Ba Li leather shoes factory.". "He's very assertive. It's like his name." One peer commented years later.

In 1993, Ba Li won the title of "China shoes king" in the first China shoes King Cup competition.

Two "shoe king" titles are in hand. Wang Yuejin thought that "shoe king" should have a grand form of expression, so he made the world's largest men's leather shoes (2.05 meters long) with seven pieces of cow leather. After that, he made the largest women's leather shoes (2.4 meters long) and "the world's smallest leather shoes".

These special shoes, big can sit four or five people, small only thumb size, for the enterprise to earn enough eyeball and brand effect. Wang Yuejin achieved great success with the cunning of farmers, and Ba Li's shoe industry was famous and its business was getting bigger and bigger.

In 1994, Wang Yuejin, the first leather shoes enterprise group in Zhejiang Province, was established. By the end of the 1990s, most of them had only 800 million production lines.

Once, Wang Yuejin had a talk with Zheng Xiukang, chairman of Kangnai Group, and he was very satisfied. "Lao Zheng, I have set up a group company. You can get one too." He said. Zheng Xiukang said, "I'd better make the soles solid first."

Continuous success, let Wang Yuejin become ambitious. Once the enterprise stagnates, Wang Yuejin is impatient. He always complains that the profit of shoe industry is too low and the market is too difficult to do.

In order to seek the ideal "high profit", he decisively chose "rich and noble insurance in seeking".

In 2003, Bari group purchased bonded imported cowhide from Guangdong Province, which should be returned to the supplier for re export after processing according to regulations.

However, Wang Yuejin sold the raw materials as raw cattle hide to some leather enterprises in Sichuan.

Because bonded imported goods and materials are not paid customs duties, sales in the mainland is equivalent to "tax evasion".

After that, all the cases of smuggling involving more than 7000 million yuan in Wenzhou customs were initially frozen, and it was difficult to get the money from the customs.

After the east window incident, Wang Yuejin was like a frightened bird.

He sneaked to Australia for more than $40 million to settle in debt.

However, Wang Yuejin is still unwilling.

At the end of 2004, a mining project from Guangxi Hezhou investment group attracted Wang Yuejin's attention. He wants to transform and move into mining.

On April 8, 2005, Zhejiang Bali group Hezhou Mining Co., Ltd. was established. Wang Yuejin took over Pinggui mining area with 20 million yuan. There are more than 500000 old marble mining enterprises and schools, and there have been more than 50000 old mining enterprises and schools.

In 2006, Wang Yuejin spent nearly 40 million yuan to buy the mining rights of baimianshan mine, Luhua mine and Hexian mine. He also set ambitious targets for mining companies to go public.

Because he was busy mining, he let go of the shoe industry completely. At the beginning, he also left the shoe factory to the son of returnees. Later, he also took his son to Guangxi, and the shoe factory was completely managed by his wife, who had no business experience. In the following years, the shoe industry was barely maintained.

Wang Yuejin entered a completely unfamiliar business environment, but he was arbitrary and completely determined by himself. Sometimes he will not let the other party leave the meeting if he has different opinions. Even, he fired people on the spot. Therefore, the employees of the mining company privately called him "wangbali" or "wangba".

He changed vice presidents one after another, with no less than ten vice presidents. The shortest term of office is one month and the longest is only half a year. He insisted on buying 20 transport vehicles. In other people's eyes, it could be rented or outsourced. There was no need to spend 5 million yuan to save face.

What's more, he brought this "arrogance" to the outside of the enterprise. In 2006, the local government investigated and dealt with Wang Yuejin's mine for "suspected illegal mining of baimianshan ore block in Hezhou".

An original popular project, but because of Wang Yuejin's personality and unable to get external help.

Since the beginning of investment in mining industry, the debt of Bari group has increased significantly. This is a gamble that can only win but not lose. At this time, Wang Yuejin made a decision that was tantamount to drinking poison to quench thirst.

In 2005, it obtained loans from Rui'an mining group and used it to invest in Wenzhou Industrial Bank.

However, since 2007, mineral prices began to decline with the global economic downturn.

The price of tin powder mainly produced in baimianshan mining area also dropped from 100000 yuan per ton at the beginning of 2007 to 450000 yuan per ton at the end of 2007.

At the end of 2007, Wang Yuejin withdrew nearly 20 million yuan of capital from Bari mining for the construction of the above-mentioned two industrial land workshops. His idea at that time was to quickly build the factory and sell it at a good price.

At the end of 2008, "Ba Li" appeared the situation of "paying debts with goods". A pair of shoes worth 60 yuan have also been moved a lot.

Until August, Wang Yuejin suddenly disappeared.

More than ten days later, it was confirmed that "he fled to Australia". At this point, the loan amount of Guangxi Wuli group's private banks is more than RMB 40.65 million, and the loan amount to local banks in Wenzhou is expected to reach RMB 40.65 million.

In addition to the rapid recruitment, there was an unexpected situation.

Many recruiters from Wenzhou shoe enterprises rushed to the door of Ba Li with the signs of "Recruitment", "urgent employment" and "high salary employment".

Once upon a time, Ba Li group, like Aokang, Kangnai and red dragonfly, was one of the first batch of well-known enterprises in Wenzhou. It was also the first enterprise group approved to be established in Zhejiang leather shoes industry. It was also the first group to be awarded the title of "China's shoe king".

Wang Yuejin is even regarded as a typical figure who can represent the entrepreneurial spirit of Zhejiang merchants. "Although he has only junior high school education, he has a strong personality and is willing to bear hardships" - People's evaluation of him in the 1980s.

From peak to desolation, from heaven to hell, sometimes it's faster than we think.

It's right to seek innovation and want to go to a higher level. But don't be blind. If you can win but can't lose, you'd better not do it! Don't invest too much in the early stage, and leave enough cards for yourself.

There is nothing in the world that can't be done, but businessmen can do something and do nothing!

A lesson from the past, Mr. Wang's failure lesson must have an answer in your heart.