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In March 2023, Peking University ushered in the largest donation since its founding.

As an alumnus of Peking University who donated $654.38+0 billion this time, Li Yongxin promised at the donation site that he would donate $654.38+0 billion next time.

Source | Jingjian News

Editor | Yang Yonghui

But in just one year, Li Yongxin's market value has shrunk by nearly 100 billion, and it has also become the object of collective pursuit.

A few days ago, Chinese public education did not refund tuition fees for three months, which triggered a heated discussion among the masses.

Li Yongxin, the founder of public education in China, is regarded as a better word for the history of entrepreneurship.

The richest man in Jilin promised to donate10 billion, and there was no refund?

1

-First, "gambling" is the gene in the Li family's bones.

Li Yongxin was born in Jilin, the hometown of Heitu, and his family conditions were very good when he was a child.

Li Yongxin's parents have stable jobs. They are a dual-employee family, ranking fourth in the family, with three older sisters. His "only child" status also makes him love his family.

Li Yongxin has a father who loves gambling.

In the early 1980s, in the spring of reform, there was a violent "ebb tide" in China, and many workers were laid off to start businesses.

Take a step and turn a bicycle into a motorcycle. Take a gamble and turn a motorcycle into a jeep.

At this time, Li Yongxin's father also felt the spring breeze of this reform. Encouraged by this wave, he decided to give up his public office and go into the sea to "make money" and become the first person to eat crabs.

In an era when the monthly salary is only1000 yuan, my father can borrow 10000 yuan as venture capital, and he can also look at his father's contacts and abilities.

However, if he wanted to be Li Fu who stood at the top of the pyramid, the pyramid didn't go up, so he borrowed a venture capital of 10000 yuan and eventually lost a lot.

Carrying huge debts, not only eating crabs, but also eating enough, has become a problem facing the whole family.

Life in Li Yongxin has also changed. He is no longer a carefree child. At this time, he secretly set up volunteers and changed the poverty at home with the power of knowledge.

From 65438 to 0995, Li Yongxin, who grew up eating a hundred meals, ushered in the most important exam in his studies with the help of his relatives and neighbors.

When filling in his volunteer, Li Yongxin had a disagreement with his family. The choice at home is to enter the military school. The reason is also very simple and the cost is very small.

"Peking University politically, Tsinghua commercially".

However, Li Yongxin, who was keen on politics, ignored the opposition of his family and applied for the administration of Peking University Government.

From 65438 to 0995, Li Yongxin got the admission notice from Peking University with excellent results, but he still failed to change his fate of going hungry when he entered the university campus.

Free porridge and pickles in the canteen.

Fortunately, with the help of his tutor, he quickly got a grant and spent four years in college.

From 65438 to 0999, Li Yongxin, who graduated from university for four years, was faced with a choice-to pursue further studies or to find employment.

If he had applied for Peking University at that time, entering the government graduate school was undoubtedly his best choice.

Maybe it's Li Gugu's gene. Li Yongxin gave up the opportunity to get an iron rice bowl and chose the same road as his father-starting a business.

"I can be sent to graduate school, to government agencies, to the customs. There are many very good opportunities. I decided not to start a business.

"As a result, no matter how the teacher advised, the places in the graduate school were given to students who had a particularly good relationship with the dormitory.

2

-Second-1999, a major reform has taken place in higher education-university enrollment expansion.

This year, colleges and universities enrolled 377,000 students, reaching 6.5438+0.53 million. The enrollment rate of ordinary colleges and universities increased by 42%, and the qualified rate reached 55.5% by leaps and bounds.

He chose to leave school to look for a job, but he didn't blindly look for a job.

After a simple market survey, he chose to start a business with several classmates.

Established "Emerging Ye Wei", mainly providing educational services.

Then I quit 300,000 venture capital.

This year is also the most incredible year for starting a business. Ma Hua Teng from Shenzhen and Ma Yun from Hangzhou founded Internet companies that have influenced generations.

Now, the popularity of these famous figures in 1999 is far less than that of Li Yongxin.

As high flyers of Peking University, the news that Li Yongxin started his own business attracted a lot of people's attention at that time.

"Oriental Time and Space" also followed the whole process, making them a model of "paying equal attention to graduation and entrepreneurship".

However, his first adventure soon ended hastily.

Because, unlike investors, after the dispute between Li Yongxin and Li Yongxin, investors chose to withdraw their funds.

Relying on mountains to eat, relying on water to eat.

The disadvantage of starting a business for the first time does not hinder his determination to start a business. He has tried computer counseling, primary and secondary school counseling, Olympic mathematics and other projects.

What's more, he gave speeches everywhere with the "number one" in the college entrance examination of Peking University.

It was also an accidental opportunity to be admitted to a public graduate school.

1999 One day, Li Yongxin came to Peking University's tutor's office and saw several junior students asking their tutor about the exam.

Later, after he knew the passing rate, he asked the leaders a lot of questions about qualifications.

After understanding the general situation, Li Yongxin from the School of Government Management seems to have seen his own broad road.

Finally, I bet on the course of open training for exams.

three

-Third-In 2003, the New Oriental School established by 10 was registered as New Oriental Education Group, and the teaching and research giant "Learning and Thinking" was officially renamed as Bright Future. Another postgraduate giant, Tuhua Education, has just been established.

This year, Li Yongxin, who had played the public examination training for two years, founded China Public Education.

With the rise of the Internet, many investors are not optimistic about the online education industry. Unable to attract investment, Li Yongxin had to ask his family for help.

"Mom lent me thirty thousand yuan. If you lose money, you will pay back 30 thousand. If you earn it, you can pay back 300 million.

With repeated help, Lu's mother gave him thirty thousand dollars accumulated over the years.

With the support of his family, Zhonggong Education was formally established, and his mother Lu became a major shareholder as an investor.

He made the right bet this time.

Thanks to the rise of Internet and the promotion of new media, Li Yongxin has made great progress on the road of public education.

With the development of the Internet, the company has gained a certain popularity, and it is convenient to expand the business of Chinese public education to all parts of the country.

Under the two-pronged model, public education in China has rapidly expanded to more than 30 cities in China in just a few years.

In 2007, in order to compete for market share, Li Yongxin launched a big move-"agreement class" to shake the testing giants.

According to the China Convention, students can get a refund if they fail the exam.

This not only brought huge enrollment to China Catholic Church, but also brought huge liquidity to the company temporarily.

However, this has also laid a huge risk for the future.

In 2009, public education in China achieved blowout phenomenon, and by 20 15, its performance successfully reversed graffiti education.

On the road of public examination education, Li Yongxin cut through thorns. Although there are many competitors, it is definitely ahead in terms of scale income.

With the growth of the company, landing in the capital market has also been put on the agenda.

In the A-share market, the IPO direct pass rate of educational enterprises is very small. If public education in China wants to land in the capital market, it can only be listed on the backdoor.

During the suspension period of 20 18, Zhonggong Education signed a performance gambling contract with Shihai Automobile.

The net profit from 20 18 to 2020 is 930 million yuan,1300 million yuan and 165 million yuan respectively.

In other words, public education in China will achieve a net profit of 3.88 billion in the next three years.

In order to land in the capital market, Li Yongxin signed this bet agreement.

2065438+February 2009, Zhonggong Education successfully landed in A-shares by borrowing from Yaxia Automobile.

In the following two years, the share price of Zhonggong Education also rose, with the highest market value reaching $268.7 billion.

With the stock price rising, Li Yongxin's wealth has also increased.

According to the Hurun Rich List in 2020, he and his mother Lu's net worth reached 654.38+04 billion yuan, making him the richest man in the three northeastern provinces.

In 2023, Li Yongxin once again topped the world's educational wealth list with a wealth of 9 1 100 million yuan. This year, Zhang Bangxin, with a bright future, ranked second, while New Oriental's Yu fell to sixth place.

four

Behind the bright spot of the fourth $100 billion asset is the ice and fire of public education in China.

Looking up the information, we can find that Chinese public education, as the leader of education, has become a financial institution.

Taking 2020 as an example, the net cash inflow of the annual agreement class model of Chinese public education is 23.7 billion yuan, and the company has purchased 465.438+billion yuan of scientific and technological goods this year.

In addition, real estate has become one of Li Yongxin's important bets.

In fact, Yu of 20 19 New Oriental said in a public speech that when he bought a building for New Oriental, he regretted buying it, and now it is more than 400 million yuan.

This year, Li Yongxin established a large-scale self-built learning base.

Among them, nearly 654.38 billion yuan has been invested in Beijing, Jinan and other regions to establish training bases.

On June 23, 2020, 165438+ Japan-China Catholic Church announced that the total amount of non-public offering of shares was less than 6 billion yuan.

Among them, 4.2 billion yuan was used to invest and build a one-stop learning base for accommodation in Huairou, Beijing.

In February of the same year, 65,438+invested more than 3 billion yuan to acquire land in Changping, Beijing, and planned to build a new headquarters building and training base for Zhonggong Education.

In fact, since last year, buying a house with real money has become the "burden" of China Catholic Church.

Until recently, public education in China once again fell into the embarrassing situation of long-term arrears of tuition fees, allowing students to collect debts collectively.

According to the national recruitment data of civil servants in 2020, 1.437 million people passed the qualification examination of employers, and the average competition rate between qualified people and the recruitment plan was about 60: 1.

Behind the huge business opportunities brought by the outbreak of testing courses to China Catholic Church, Thunder broke out that "you can get a refund if you fail the test".

In the past year, there have been frequent breaches of the China Catholic Church due to refund of fees.

Once, did China Catholic Church have no money to drop out of school? Become a hot topic of public opinion.

First of all, the company's annual report shows that in 2023, the main income of Zhonggong Education was 6910.2 billion yuan, down 38.3% year-on-year, and the net loss was 2.37 billion yuan, down 202.83% year-on-year; The loss other than net profit was 2.486 billion yuan, a decrease of 2.33 1. 1% compared with the same period of last year.

In fact, the direct cause of the company's business losses is the high refund rate.

The data shows that in the first three quarters of 2023, the refund amount reached 654.38+02.397 billion yuan, an increase of more than 20% over last year, and the refund rate reached 65.8 1%.

In addition to betting on wealth management and investment, excessive dividends have also become the last straw to crush camels.

After the backdoor listing, it is an indisputable fact that public education in China pays dividends year after year.

The data shows that in 20 18 and 20 19 years, the cash dividends of Chinese public education reached141900 million yuan and148 billion yuan respectively, accounting for 123% and 82% of the net profit returned to the mother in the current period.

That is to say, according to Li Yongxin's shareholding ratio, the accumulated dividend in recent two years is17438+0 million yuan.

In addition, in the past two years, Li Yongxin and her son reduced their holdings and pledged their shares.

The semi-annual report in 2020 shows that Li Yongxin reduced its holdings by 36.345 million shares.

In other words, Li Yongxin's cash has reached 654.38 billion yuan.

In addition, in the announcement in 2023, Li Yongxin mortgaged 36.35 million shares.

"According to the share price pledge rate of 50%, it is estimated that Li Yongxin can still get 590 million yuan in cash.

In this regard, some media reported that since the listing of Zhonggong Education, Li Yongxin's mother and son have successively held about 900 million shares with a market value of about 27 billion yuan.

China enterprise report was born gloriously.

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