Chapter 89 Two Yuan: Ending a TOP Dream

The next more than a year will be like a torment for Song Ruhua. The recruitment of 5,000 people turned into a nightmarish farce. More than 2,000 young people were hired by Top, and were laid off one after another after a short trial period.Song Ruhua laughed at himself: "Now there are at least 1 million people who hate Song Ruhua." Top's stock has repeatedly staged diving tragedies in the stock market. The more than 150 subsidiaries that made him proud have now become more than 150 "hot potatoes".In the past few years, local officials who regarded him as the God of Wealth have also detected abnormalities, and the situation of software parks in various places has also begun to deteriorate.

In the nearly two years after the recruitment incident, Song Ruhua, who was facing a major crisis, seemed at a loss from beginning to end.In fact, there were still many high-quality assets under Top’s name at that time, especially the land value of software parks in various places had soared several times. When Top’s crisis broke out, it was the crazy moment of China’s real estate blowout. Buying land at high prices everywhere, if it works properly, you can choose a few pieces of land with room for manipulation to cut the flesh and stop the bleeding, and tide over the difficulties.And its three listed companies also have a lot of room for sale financing or seeking cooperation.However, Song Ruhua acted very sluggishly, as if he was still praying for a miracle to happen again.

For much of 2003, he tried to tide over the crisis through housekeeping.He has completed the drafting and formulation of 40 basic management systems, redefined the management powers of various subsidiaries across the country, and determined three business directions of "logistics services", "online training" and "health care".These resolutions later proved to be strategies on paper and were never seriously implemented. Unable to recover, he continued to roam around the country, looking for opportunities.In Cixi, Zhejiang, he announced that he would create a brand new "Digital Cixi"; two weeks later, he appeared in Pengshan County, Sichuan, and cooperated with the local government to develop Mount Pengzu; a few days later, he appeared in Chengdu and established a "Overseas Chinese Health Industry Co., Ltd."In his speech, he declared: "The IT industry is already in recession. I have been in the market for many years, and I always believe that the two industries of education and health care have the most promising prospects." The chain has fallen apart.

It was also during this time that Song Ruhua was suspected of transferring assets by the media.While repeatedly declaring "never give up on Top", he quietly cleaned up the group's assets, debts and receivables, and also carried out many investment activities that outsiders could not understand. "21st Century Business Herald" commented in an investigation: "There are reasons to suspect that this is a game of 'escape from the shell' played by Top, who casts a net everywhere and has very little vested interest. Transfer Top's assets through other means..."

Faced with these doubts, Song Ruhua still did not give any response.Time eventually made everyone lose their confidence. By the end of 2003, the public's view of Top was already lax and desolate. The last suspense left was nothing more than what kind of back Song Ruhua would leave. By the beginning of 2004, money began to tighten, and the macro situation became tighter. Song Ruhua lost all opportunities for self-help. On March 18, Topsoft issued an announcement that Song Ruhua, who is also the legal representative, chairman and president of the company, resigned from all positions due to illness; They were actually transferred to two fellow villagers, Yu Xinyou and Xia Yuxin, at a price of 1 yuan.

In this way, Song Ruhua withdrew from Topu with 2 yuan, leaving behind a huge amount of creditor's rights and debts among 12 banks across 10 provinces and 12 cities. Only one listed company, Topu Software, defrauded 2.2 billion in loans through credit guarantees and affiliated loans. In addition, the cumulative amount of illegal guarantees was 2.1 billion yuan.According to the Sichuan Provincial Banking Regulatory Bureau, the bank loan losses caused by Top in Sichuan alone amounted to about 2 billion yuan.And until three years later, the relevant department still said: "The bank has not been able to figure out how many subsidiaries and affiliated enterprises Topu has set up in the country."

Song Ruhua, the only one who was able to figure it out, flew to the United States in early March 2004 and never returned.He did not, as he had promised to his subordinates before, "If you collapse, we will ride a tricycle together."At the end of the year, the "Western Software Park" that once brought Song Ruhua infinite glory was contracted and transformed into a leisure and entertainment center. In May 2005, the China Securities Regulatory Commission announced the implementation of a "permanent market ban" on Song Ruhua. Some follow-up reports show that Song Ruhua is still doing "what he likes" on the other side of the ocean: he used the name Harrison Song to run an online bookstore and online teahouse, and opened several Chinese in Los Angeles called "Shuyuan Plaza". The bookstore also established a cultural dissemination promotion association and ran a "Yanhuang Culture Bimonthly".Some acquainted entrepreneurs from Sichuan went to the United States and wanted to meet with him to reminisce about the past, but he always declined one by one because he was too busy with business.

In July 2003, Song Ruhua, who was struggling in a crisis, flew to Putuo Mountain in the East China Sea to burn incense and worship Guanyin. He donated 200,000 yuan for incense, and the monk gave him a verse in the "Diamond Sutra": "All conditioned dharmas, such as Dreams and bubbles are like dew and electricity, just watch it as it is." Song Ruhua recited silently, then turned and left speechlessly.After returning to Chengdu, he organized a "tree monument campaign" in the top software parks all over the country, engraving the construction process of each park and top performance achievements on large granite rocks, hoping that "the name and the stone will last for a hundred years" ".The inscription engraved in his hometown Shaoxing Top Information Technology College reads: "Mr. Song Ruhua, the founder of Top Group, was born in Pingshui, Shaoxing County. He was poor but eager to learn, and he was unyielding despite hardships. He left home when he was young and studied in Rongcheng. I began to teach as a teacher, and then became an entrepreneur. I dedicated myself to my studies, and made a name for myself." In January 2007, I made a special trip to this college for field research in order to write this case, and found that the name of the school had been changed, and the granite monument was nowhere can be found.

In 1998, Top, which had just been backdoored and listed, invested 100,000 yuan to sponsor the World "Flying Woman" Challenge held in Chengdu. The host introduced Song Ruhua, who was in full bloom, to the famous sprinter "Flying Woman" Mario Jones.When the host said in English, "This is China's Bill Gates", Jones immediately widened his eyes and cast a look of admiration. Song Ruhua, 36, smiled modestly and slightly shyly, revealing a row of white teeth. The TOP dream of a ten-year sleep is quietly generated and receded lightly.