Chapter 90 Top Memorabilia

In March 1992, Song Ruhua, an associate professor at Chengdu University of Electronic Science and Technology, and his friends raised 5,000 yuan and founded Top Electronic Technology Development Company. In January 1995, the Top computer automatic tax calculation system version 1.0 was successfully developed.By the end of the year, Top tax software achieved a sales revenue of more than 40 million yuan. In the spring of 1996, the State Administration of Taxation launched a unified "Golden Tax Project", and Topu's business fell into a desperate situation. In March 1997, inspired by the Bangalore model in India, Song Ruhua selected a 100-acre cauliflower field in Hongguang Town, Pixian County, Chengdu, and announced the construction of the "Western Software Park".Two months later, the "Western Software Park" was listed as one of the four "first batch of national Torch Program software industry bases" in the country.Top became one of the 35 key support enterprises announced by the Sichuan Provincial Government, and Song Ruhua himself was named one of the "Top Ten Outstanding Youths in Sichuan" of the year.

In April 1998, Topp acquired 48.37% of the state shares of Sichuan Long March and went public through a back door. From 1999 to 2002, TOP built 27 software parks in dozens of provinces and cities across the country, with an average of less than two months to build a new one, occupying more than 12,000 mu of land. In September 2000, it acquired the equity of Golden Lion and changed its name to "Yanhuang Online", becoming the first domestic listed company named after a website; in June 2004, members of the board of directors of "Yanhuang Online" were publicly condemned by the China Securities Regulatory Commission.

Around 2000, Top invested in "Business Morning Post", "Shu News" and "Sichuan Culture News", and then withdrew one after another, with a loss of 43 million yuan. In February 2001, Top Technology was listed on the Growth Enterprise Market of Hong Kong, creating the first A-share listed private company to be listed in Hong Kong by spin-off; in April 2004, it was suspended due to major violations. In July 2002, at the 10th anniversary celebration of Toppo, at the same time, it announced in a high-profile manner that it would "recruit 5,000 software engineers".

In August 2002, the newspaper published "Top Bubble", publicly questioning Top's recruitment behavior and the poor management of the software park; in November, Song Ruhua responded: "I now have 1.8 billion in bank deposits." In 2003, the big recruitment ended in a farce: bank debt collection, customer lawsuits, stock prices plummeted, local governments took back part of the land in the software park, and the top crisis broke out. In March 2004, Top Software issued two announcements. Song Ruhua resigned from the positions of chairman and president, and transferred the 18 million shares he held to others at a price of 2 yuan. He went to the United States and never returned.

In May 2005, the China Securities Regulatory Commission announced the implementation of a "permanent market ban" on Song Ruhua.