Chapter 7 Chapter Three

A large amount of Wenzhou capital has an innate keen sense of the market and national policies. The exact year is debatable, but roughly from the end of the 1990s, Wenzhou people either actively or passively entered a new era, and a new round of "Wenzhou-style wealth journey" began from then on. Wenzhou capital is like a magician who has no prophecy. They frequently enter and exit industries such as real estate, coal mines, cotton, small hydropower, and oil, and have gained a lot.In addition, Wenzhou people's spirit of breaking through barriers when chasing wealth can always quickly seize market opportunities. When others follow up with belated attention, they have already moved to new places.

In the middle of the night on August 5, 2005, Baidu, founded by Robin Li, landed on NASDAQ in the United States. After the opening of the market, the stock price soared all the way, with an increase of 353.85%. Baidu became the largest Internet company in China overnight, creating the "Chinese mythology "Shocked the world and spawned dozens of multi-millionaires and hundreds of millionaires in China. Afterwards, the footage of Robin Li and his team being interviewed by American TV stations on the day of the opening of the market was repeatedly broadcast on major domestic TV stations: cheers erupted in Nasdaq Square, and Baidu's stock price soared on the screen.In China, a Wenzhou businessman named Lin Liren turned off the TV, lit a cigarette, got up and went to the window, leaving behind an infinitely lonely figure.

In 1995, Lin Liren started to sell communication equipment.At that time, China's telecommunications industry had just started, with great potential for development, and it was also the closest related industry to China's Internet. When pagers became popular in China and demand was huge, Lin Liren discovered a big project: second-hand pagers with frequency conversion.In foreign countries, pagers have begun to be phased out. If second-hand pagers from developed countries can be transported to China for frequency conversion, the profits will be astonishing.Lin Liren, who was in China, thought of relying on the Internet.

However, the Internet was in the ascendant at that time, and after many attempts, it failed.Until the return of Hong Kong, Lin Liren rushed to Hong Kong to surf the Internet, and purchased the first batch of second-hand pagers from Japan through the website of NEC Corporation of Japan. The use of the Internet to trade with foreign companies was the first of its kind in China at the time.The cooperation with Japan's NEC Corporation has achieved the blue ocean field of Lin Liren's communication equipment.Undoubtedly, the biggest contributor to all this is the Internet. Feeling the magic of new technology, Lin Liren went to Peking University in 1999 for further study.One evening in the summer of that year, a well-mannered young man knocked on the door of his room and introduced himself as a student who came back from abroad to start a business. He was going to start an Internet search business. He had no funds and wanted to find a partner.

At that time, it was the great spring of China's Internet, and the combination of capital and technology would undoubtedly usher in a significant entrepreneurship.Although Lin Liren subconsciously felt that the Internet was unstoppable, the business model of this young man had exceeded his experience and imagination at the time. This Wenzhou native, known for his boldness and daring to be the first, hesitated and hesitated. This young man is called Robin Li. At the end of 1999, he received 1.2 million US dollars from foreign venture capitalists and founded Baidu.After 5 years, when Lin Liren saw this young talent again on TV, he couldn't help feeling a lot of emotion.

Lin Liren's miss represents a vacancy in the Wenzhou People's Group. Around 1999, Tencent, Sina, Sohu, NetEase, Baidu and other websites were ready to go, and a few years later their founders successively boarded the mainland wealth list.In this wave of Internet entrepreneurship, Wenzhou people are completely outsiders, and almost no one has set foot in it.The speed and scale of wealth creation brought about by this new technology and business model of new ideas has amazed Wenzhou people, but it is beyond their reach. As a Zhejiang businessman, Ma Yun, a college English teacher, is a pioneer in the Internet wave. In 1999, Ma Yun resigned and founded the Alibaba website to develop e-commerce applications. In less than a few years, Alibaba became one of the largest B2B websites in the world.As the capital of product manufacturing, Wenzhou has the advantage of being close to products, and also has the greatest possibility of e-commerce development.However, shrewd Wenzhou people did not discover this huge business opportunity.

Wenzhou's private enterprises, once known for their huge sales force "heavenly soldiers and generals", are far behind others under the new network sales model, and feel tremendous pressure. Afterwards, Wenzhou enterprises set up their own websites one after another.Zheng Yuanzhong invested a lot of money to create "Zhuangji Clothing Network"; Yu Jinhua, the general manager of "Gilda", published information on the Internet and successfully attracted Russian businessmen; "In the name of external publicity. However, in 2002, the British "Financial Times" reported that foreign buyers found that no one responded to their inquiries on the Wenzhou manufacturer's website a few months ago. These fancy websites turned out to be "empty shells". The owner of Wenzhou has no idea what e-commerce is.

The only exception is that in 1999, a Wenzhou businessman founded a Chinese-language portal in the Middle East, in sync with the domestic Internet wave. In 1998, Wang Weisheng became one of the "runaway Wenzhou businessmen", went to Dubai, and became the first Wenzhou native to engage in clothing business in the Middle East.Later, when more and more people went to the Middle East, where the story of "Alibaba" spread, Wang Weisheng founded a website dedicated to serving the Chinese—UAE Dubai Chinese Network, which is the largest Chinese portal in the Middle East. "It provides Chinese who go to the Middle East to pan for gold with information from various aspects such as business, consulting, tourism, and policy, and it has also become an online home for local Chinese." It is the nature of this "base camp" that also makes Wang Weisheng a Wenzhou businessman in the UAE. The core figures in the group, with the growth of the Wenshang team, their appeal is also increasing day by day.

At the beginning of 2005, the general manager of Dubai Media City was worried about the ratings of the former Aladir Satellite TV. Due to the huge Chinese team in Dubai, the general manager approached Wang Weisheng, hoping that he could provide some films introducing Chinese scenery and information.At this time, Wang Weisheng, who was extremely sensitive, had a bold idea-acquisition of a TV station.He decided to choose a knowledgeable partner. Liu Haitao, who had previously served as the general agent of Sun TV in the Middle East, became the best candidate. The TV station in Dubai uses the same satellite as the well-known Al Jazeera TV station, covering about 500 million people in more than 30 countries in the Middle East and North Africa.

Different from the manufacturing industry that Wenzhou entrepreneurs have engaged in in the past, whether it is a website or a TV, it is an industry with a large initial investment, a long payback period, and a high cultural content. No Wenzhou person has ever set foot in it. After repeated investigations, negotiations, and approvals, in 2006, Wang Weisheng and Liu Haitao finally successfully acquired all the shares of this satellite TV company.With a huge media platform, they immediately set up the China office of Alibaba Business Satellite TV in Guangzhou to engage in investment promotion and program production.

In the late autumn and early winter of 2006, CCTV's "Economic Person of the Year Selection" was in full swing. This event was known as the "Oscar of China's economic circles".In November of this year, the selection will enter the second round of elimination.According to the criteria of "responsibility, innovation, influence, driving force", 23 economic figures stand out from many nominees. Wang Weisheng, president of Wenzhou Chamber of Commerce in the United Arab Emirates, is the only Wenzhou native to enter this link. Although Wang Weisheng did not enter the top ten economic figures of the year, his image as a new Zhejiang businessman became clearer and clearer.Afterwards, Alibaba Business Satellite TV successfully assisted Chinese enterprises, especially Zhejiang merchants, to complete their business in the Middle East, including Wenzhou real estate businessman Hu Bin’s purchase of Dubai’s “World Map Island” Shanghai Island, the development of the Chinese tourism project of Wenshang Ras Al Khaimah and the promotion of Oaks Enter the Middle East and other major events. Among the mighty team of Wenzhou merchants, Wang Weisheng’s wealth and entrepreneurial stories are not surprising, and the key reason why he was selected as the only representative of Wenzhou merchants in the final round of "Economic Figure of the Year" is: the transformation of new Zhejiang merchants The representative of the company is not to speculate in land and real estate, but to target the media, and to go overseas. Wang Weisheng's selection is to a greater extent appealing and encouraging Wenzhou people to break out of the predicament and continue their glory. Wu Zhize, chairman of SAINT ANGELO Group, has such a quote: “There are two ways to make money in the world. One is to make repeated money. The production system belongs to making repeated money. Repeated money can never make a lot of money; The only way to make money is to make a lot of money. For example, the painting of Mona Lisa, printed in a printing factory and sold in Xinhua Bookstore, may cost 10 yuan and 5 yuan a piece, while the one in the Louvre in Paris Zhang is priceless." In this way, private entrepreneurs in Wenzhou started their businesses by earning repeated money. Over the past few decades, with wave after wave of entrepreneurship, the vast majority of Wenzhou businessmen are still earning money day after day and year after year. Withdraw duplicate money. Indeed, when the brilliance of the "Wenzhou model" gradually faded, and when emerging industries emerged one after another, people found that Wenzhou people had been groping for decades on the road of market economy, and had not formed a virtuous circle of business models. Lost in the new round of industrial adjustment.Since the beginning of the new century, except for a few representatives who jumped out of the traditional thinking and found an industrial path suitable for their own development, the vast majority of private entrepreneurs in Wenzhou either swayed in place or were at a loss. Wenzhou people’s business routines have remained unchanged for ten years. Even if street stalls and shops are upgraded to large shopping malls and comprehensive wholesale markets, even if modern enterprise management systems are adopted and high-quality managers are hired to manage the enterprise, the superficial changes are nothing more than changes. A kind of shell, it is difficult to conceal the weak successor of development, and the diversified development that was once given high hopes has not brought the expected blooming flowers.Wenzhou merchants have always been "earning repeated money", which is extremely difficult and rare to develop, and has never been able to move towards the stage of "earning only money". In 2009, 70,000 Wenzhou people joined the ranks of entrepreneurs, but most of them just followed the old path of their predecessors, and there were few innovators. There are very few "ten revitalized industries" in Wenzhou. Not only is the heavy industry and cultural industry weak, but it has not caught up with the trend of emerging economies such as the Internet.When the traditional manufacturing industry is gradually declining, Wenzhou people have not yet found a "new continent" where they can show their talents. This is a collective dilemma that the powerful Wenzhou enterprises have not been able to solve. In 1989, the first year of the rise of China's real estate industry: commercial housing was sold publicly in the capital Beijing for the first time, real estate brokerage companies began to be born, Vanke entered the real estate industry, and became the first listed real estate company in two years. At that time, Wenzhou's private economy was still busy transforming into a corporate shareholding system.Unintentionally, some Wenzhou businessmen made a fortune from this first real estate boom. At the end of 1991, on the dilapidated Yanggao Road in Pudong, Shanghai, the Chen brothers from Wenzhou lingered here for many days.They fell in love with an idle dilapidated house on the side of the road, and planned to convert it into a shop to sell Wenzhou small commodities. They were willing to pay 20% of the turnover as land rent, and signed a five-year contract with the homeowner in Shanghai. In the second year, "Deng Xiaoping's Southern Tour" came to Yanggao Road in Pudong, and Shanghai listed its renovation as a key project.Yang Gaolu's worth rose immediately.The shop chosen by the Chen brothers was located in a prime location. After a few months, the rent rose sharply.They sublet the store and earn a net profit of 3 million yuan in 5 years. If the Chen brothers relied on luck, then Lin Liren's gold digging in the real estate industry is more representative. Lin Liren, who passed by the Internet industry in 1999, actually has rich entrepreneurial experience. As early as the early 1990s, he became one of the earliest Wenzhou businessmen to set foot in the real estate industry. In 1992, Deng Xiaoping once again toured Shenzhen and other places in the south and delivered the famous "Speech on the Southern Tour".Unable to restrain himself, Lin Liren went south from Wenzhou to Shenzhen. Shenzhen, "gold everywhere", as the frontier of reform and opening up, has attracted countless people from the mainland to "pilgrimage".Soon after, Lin Liren chose to be a housing agent, and he even went to Hong Kong to register a real estate development company named "Liye". The huge immigrant population has made Lin Liren's intermediary business extremely booming. He "became the patriarch of private rental intermediary companies if he was not careful."Later, the term "uncompleted property" spread from Hong Kong to Shenzhen, and the so-called uncompleted property refers to pre-sold commercial housing.Lin Liren found that selling off-plan properties is more profitable than real estate agents—a set of off-plan properties can earn 5,000 to 10,000 yuan. Real estate development has become popular, and Lin Liren obviously caught up with the right timing.He used the money he earned as a housing agency to "mortgage" to buy more than 30 sets of commercial housing in Dongle Garden, kicking off the prelude to professional real estate speculation.Within a year, Lin Liren's assets soared. The nascent industry always coexists with huge profits and risks. Soon, Lin Liren's real estate speculation business began to get out of control with the arrival of the real estate bubble. In 1992, the number of real estate companies in my country reached 12,000, and the sales of commercial housing nationwide reached 44 billion yuan, an increase of 80% over the previous year. The most representative thing is that the development of Hainan Island is in full swing. In 1993, the number of real estate companies jumped to 30,000, and the bubble became bigger and bigger. In 1993, when the real estate bubble reached its peak, Shenzhen launched the policy of "buy a house and get a registered permanent residence".Lin Liren made a decisive decision and started to think about the wealthy "Wenzhou fellow".He advertised in "Wenzhou Daily", "Buy a house in Shenzhen, get a Shenzhen hukou for free".The Shenzhen hukou is really attractive, the advertisements are published, and there is an endless stream of buyers. However, what Lin Liren didn't expect was that Shenzhen's housing registration policy was suddenly cancelled, and his "Wenzhou Community" project ended before it even started. At this time, the first domestic real estate bubble began to burst, but Lin Liren did not wake up.He moved from Shenzhen to Huiyang to cooperate with a real estate company to develop real estate projects.He then placed an advertisement in the local media in Wenzhou: "You missed Shenzhen, do you still miss Daya Bay?" In June of that year, Zhu Rongji, the then vice premier of the State Council, issued an order, announcing that "the listing of real estate companies would be terminated and the bank funds should be fully controlled from entering the real estate industry." Lin Liren's project in Huiyang has just started, the foundation has just been laid, money is tightened, banks no longer lend, Lin Liren's capital chain is broken, and Huiyang "Wenzhou Building" has become an unfinished building. In 1992, a local private real estate development company in Wenzhou appeared, and there were 9 real estate projects in that year, and the housing prices were divided into three levels: 800 yuan, 1200 yuan, and 1500 yuan per square meter.Commercial housing quickly sold out.It was at this time that Zhou Qingzhi of Narada Group resigned from office and went to work in real estate development. Compared with the traditional manufacturing industry, real estate development is obviously a high-profit industry, which attracts Wenzhou people's funds to inject into this field.It was not until six or seven years later, when the second wave of real estate in China came, that Wenzhou became the real protagonist. On the one hand, the traditional manufacturing field has entered the era of meager profits; on the other hand, the grasp of emerging markets is seriously insufficient. The wealth accumulated by Wenzhou's private economy for decades cannot find a breakthrough in growth, and finally began to enter and exit investment fields such as real estate and mining. In October 1995, Zhang Liecheng, a native of Pingyang, Wenzhou, invested 58 million yuan to establish Nanji Island Development Co., Ltd., bought the right to use 1,750 acres of land and 10,098 acres of sea area in Nanji Island, and became China's "Baohai" First person. With financial strength and entrepreneurial courage, all you need is opportunity. Wenzhou is originally a resource-poor area. Why do Wenzhou people get involved in mineral investment?This has to be attributed to the Wenzhou businessmen who traveled all over the country. In the 1980s, Wenzhou people began to contract shaft and lane projects in Shanxi coal mines.Because the domestic coal market was sluggish at that time, coal mining companies were not doing well, and some mines even went bankrupt after they were completed.As a result, the project funds of the Wenzhou construction team are often in arrears, and sometimes the coal mine owners use the coal mines to pay off debts.However, under the economic environment at that time, the risk of privately operating coal mines was very high, and there were very few Wenzhou people who operated coal mines in the early days without losing money.Until the 1990s, when the market environment relaxed and the coal market boomed, Wenzhou talents who never lacked capital began to invest in coal mines. In 1996, by chance, Wang Rongsen, who was engaged in the clothing business in Xi'an, got valuable business information from a teacher of a geology college: oil was explored in northern Shaanxi, and the state encouraged private investment. As a Wenzhou woman, Wang Rongsen is bold, shrewd, and full of business acumen, so she went to Yan'an to inquire about news. The teacher of the Geology College is right. The local government of Yan'an does encourage foreign capital to invest in oil exploration and production. As oil is liquid gold, the "money path" is naturally beyond doubt.However, the risks are also extremely huge: the cost of exploration and production of an oil well is as high as more than 1 million yuan, and the government does not provide any technology and funds; although the geological department has detected oil reserves, no one has drilled oil from the ground at that time. Wang Rongsen's decisive decision made her the "female oil king" in the future. Taking out all the family savings of 2.5 million yuan, Wang Rongsen borrowed another 2.3 million yuan to contract 3 exploration wells.After that, Wang Rongsen and her husband lived and lived at the construction site, and began to drill wells. The well was drilled to 600 meters, but the oil did not come out. Her husband died of exhaustion, and Wang Rongsen was left struggling. After hard work, in the end, Wang Rongsen hoped that the black oil would burst forth.After that, she returned to Wenzhou and raised 36 million yuan to invest in the exploration of new oil fields. 30 oil wells were started at the same time, which was a busy scene. At this stage, Wenzhou businessmen involved in real estate, mining and other investment fields, still full of a solid entrepreneurial spirit.It was only when the huge profits in the industry became more and more attractive, attracting more and more Wenzhou people to join in, that the really crazy speculation-"real estate speculation" and "mine speculation" began to intensify. Around 2007, my country's stock market set off an upsurge of "stock speculation by the whole people", and the stock index, trading volume, and number of account openings continued to refresh.However, the strange thing is that the "stock boom" did not spread to the wealthy Wenzhou area.People in Wenzhou, who are eager to get ahead of everything, "only avoid the stock market", which is called "a peculiar financial phenomenon" by the media. More than 10 years ago, the stock market in Wenzhou also had a short period of popularity. In September 1992, Wenxin Securities, the first securities branch in Wenzhou, opened for business.On the first day of opening, there was a long queue at the entrance of the sales department.Many people "lined up all night", and some even "carried RMB into the sales department in baskets and baskets". The 50 orders were sold out in a short time.Those who bought the stock smiled victoriously, while those who didn't "shake their heads and walk away". On the day when the market opened, Wang Jianbo got off work from the glasses factory opposite the securities sales department. When he saw someone queuing up on the opposite side, he subconsciously followed.In this way, he dramatically became one of the first 50 shareholders in Wenzhou.During the bull market, Wang Jianbo made a fortune, earning a full 100 million in half a month.With the stock market, there is a miracle of getting rich overnight. One day in 1995, Huang Dacheng, a Wenzhou youth working in Hangzhou, took a long-distance bus and went straight to his hometown in Wenzhou, more than 400 kilometers away.He found his cousin who was in business, borrowed more than 200,000 yuan in cash, and rushed back to Hangzhou overnight with his partner Peng Zhenggang. Soon after, eight young IT engineers pooled their registered capital and went to the Hangzhou Industrial and Commercial Bureau together to set up a new company called Hangzhou Hangsheng. Eight years later, in 2003, Hang Seng Electronics was listed on the main board of the Shanghai Stock Exchange, taking the top spot in China's financial software development. The boom in the stock market has attracted countless Wenzhou people to enter this industry.In order to limit the crazy buying of stocks, the stock market stipulates that it is necessary to purchase a subscription certificate with an ID card. (Stock subscription certificates were the main way of issuing stocks in the early stages of China's securities market development, fully embodying the principles of openness, fairness, and justice for new share issuance at that time. Due to the high cost of issuance and long cycle, it was later replaced by paperless issuance. The stock subscription certificate and the physical shares issued at that time are the epitome of the Chinese securities market.) At that time, there was a story about wealth circulating in Wenzhou: In 1991, "ticket dealer" Zhang bought three subscription certificates at a price of 50 yuan each.A few days later, the subscription certificate soared 200 times, and Zhang easily made 30,000 yuan. Huang Wei, a teacher at Ruian Chengguan No. 1 Middle School in Wenzhou, rented a few counters selling glasses in Hangzhou International Building not long after he went to sea.After hearing the story about subscription certificates, Huang Wei used various means to collect ID cards, and bought more than 800 subscription certificates with more than 20,000 yuan earned from selling glasses. "You can earn several times the profit by changing hands."With this money in hand, Huang Wei turned around and entered the futures market. He did well, "both winning and losing were more than 10 million yuan", and quickly completed the accumulation of the first pot of gold. Like most Wenzhou people, Huang Wei is not immersed in the stock market. In 1994, he invested 100 million yuan respectively to establish Zhejiang Xinhu Group Co., Ltd. and Zhejiang Xinhu Real Estate Group Co., Ltd. to enter the real estate industry, and then entered the investment fields such as finance and mining. In 2009, Huang Wei was awarded the richest man in Zhejiang by the Hurun China Rich List.However, a dramatic scene happened. In less than a month, the wealth of Huang Wei of Xinhu Group dropped sharply from 30 billion yuan to 16.39 billion yuan.Yesterday, "Forbes" magazine released the list of China's richest people. Compared with the list of China's richest people released by Hurun on October 13, the richest man in China has not changed. Wang Chuanfu topped the list with 39.4 billion yuan.However, the richest man in Zhejiang has undergone dramatic changes. On October 13, Hurun calculated the net worth of 30 billion yuan for Huang Wei of Xinhu.With this figure, Huang Wei also became the richest man in Zhejiang for the first time.But less than a month later, Huang Wei's net worth was counted by "Forbes", and it turned out to be 16.39 billion yuan. The stock market is obviously the place where wealth increases and evaporates the fastest. On October 20, 2008, the stock index closed at 1974 points. One year later, on October 20, 2009, the stock index closed at 3038 points.During the same period, the Shenzhen Component Index doubled from 6426 points to 12676 points, and the Hong Kong Hang Seng Index also rose from 15323 points to 22385 points at the same speed. Along with the soaring stock index, the wealth of the rich who own listed companies has also risen.However, Huang Wei of Xinhu Group may not even know himself why his wealth has suddenly shrunk by nearly half in more than half a month. Huang Wei did not give an explanation for the outside discussions.Even, the senior management of its subsidiary company dropped the following words to the media: "Mr. Huang will never be interviewed by reporters in this life!" In fact, as the chairman of Zhejiang Xinhu (Holdings) Group, holding 68.2% of the shares of Xinhu Holdings, Huang Wei's main asset is in this unpredictable stock market torrent.Perhaps it was precisely because he dug the first pot of gold from the stock market through speculative and illegal behaviors that Huang Wei already understood the vicissitudes of the capital market. He could only deal with the rapidly changing wealth figures with silence and a low profile. The family history of Wenzhou people has never lacked in pursuit of new things.When there is a gap in a certain wealth field, the huge and diverse Wenzhou army will swarm in.Real estate speculation, coal speculation, ore speculation, through various methods of "doing what you can think of", countless Wenzhou people have escaped poverty and become rich.Their pursuit of wealth can always stir up wider ripples. However, the stock market encountered a short-lived situation in Wenzhou, and was "cast into the cold palace" by Wenzhou people afterwards. Some people say that people in Wenzhou started their careers in industry, so they are not interested in speculative behavior in the stock market.In fact, this statement is not correct.Wenzhou people are not cold about speculation, but they are cold about unsure speculation.Through the short-term experience in the stock market in the 1990s, Wenzhou people found that there were too many factors affecting and operating the stock market, so they gave up and chose relatively stable funds and foreign exchange instead. According to Section Chief Zhao of the Retail Business Division of the Bank of China Zhejiang Branch, Zhejiang is the province with the most active foreign exchange transactions in the country. The annual foreign exchange transaction volume in Zhejiang Province accounts for about 1/3 of the country's total. "Wenzhou's foreign exchange transaction volume has now accounted for 80% of the province's total." Said Pan Hongmin, president of Bank of China Wenzhou Ouhai District Branch. The largest foreign exchange trading center in Zhejiang is in Wenzhou, and the largest foreign exchange trading center in Wenzhou is in Ruian.According to a person in charge of the Rui'an branch of the Bank of China, the daily transaction volume in Rui'an is equivalent to the transaction volume in a foreign province. "Ruian's foreign exchange market is extremely hot, and foreign exchange transactions are growing wildly." The person in charge revealed that this year, Ruian's foreign exchange transactions have reached 2.5 billion U.S. dollars, ranking first among county-level cities in the country.Pan Hongmin was originally the Deputy Director of the Capital Planning Department of Wenzhou Branch of Bank of China.According to Pan Hongmin, foreign exchange speculation in Wenzhou began in 1998.This year, Bank of China Wenzhou Branch started the foreign exchange treasure business. Since 2000, its annual transaction volume ranks third after Beijing and Shanghai. "In the first half of this year, the personal foreign exchange transaction volume in Wenzhou exceeded 13 billion US dollars, accounting for about 2/3 of the total personal foreign exchange transaction volume in Zhejiang Province." After the hot transaction, there is abundant foreign exchange in the hands of Wenzhou people.Pan Hongmin disclosed that personal foreign exchange deposits in Wenzhou reached US$1.438 billion in the first half of this year. "Wenzhou is a famous hometown of overseas Chinese. There are nearly 600,000 Wenzhou overseas Chinese living overseas. A large amount of foreign exchange is remitted to Wenzhou every year. Most of them are converted into savings deposits." After the bank opened the foreign exchange market, Wenzhou people with keen investment awareness and pioneering spirit immediately discovered that this is a new channel for foreign exchange value preservation and appreciation. Coexist with foreign exchange speculation and fund speculation. In 2007, Wenzhou Fund reached a hot spot. At the beginning of 2007, when Harvest Fund was issued, an investor in Wenzhou spent tens of millions of dollars to buy it, and there were many people who subscribed for millions at a time.In Wenzhou Shenyin & Wanguo Securities Sales Department, in 2006, the annual fund sales of the sales department was only 300 million yuan, but in January 2007, the fund sales reached 250 million yuan in nearly 20 days.At this time, some media even broke out: "In Wenzhou, fund speculators are now frequently offering 24% annual interest, borrowing money to speculate in funds!" Such a crazy and blind investment boom naturally planted "landmines" for the bankruptcy of underground banks and the outbreak of a comprehensive economic crisis in Wenzhou two or three years later. During the reform process in the past decades, Wenzhou people have been familiar with the repeated business laws.When the manufacturing industry that supports Wenzhou's rapid economic development has frequent problems, costs continue to rise, disputes continue, and product quality is erratic, Wenzhou people feel more strongly that industry is no longer enough to bear the desire for rapid wealth expansion.At the same time, the commercialization of real estate, the marketization of mineral resources, the increasing liberalization of capital operations, and the prosperity and development of the securities market have all provided speculators with countless possibilities. Various opportunities are available, and Wenzhou people will naturally not let them go. Since 2000, Wenzhou's large-scale private manufacturing enterprises have also begun to move into real estate, mining, securities and other fields. Around 2006, this trend of diversification reached its peak.Diversified development has become the "magic weapon" for Wenzhou's manufacturing industry to seek development. It seems that without diversification, it cannot develop, and without diversification, it cannot demonstrate its strength. In 2001, Delixi Group established Xinjiang Real Estate Development Company to develop commercial real estate in Xinjiang - Dehui International Plaza; in 2003, Aokang invested in building a high-end commercial pedestrian street in Huanggang, Hubei, which was praised as creating a new model of commercial real estate; closely following its The later Kangnai Group established Hong Kong Street in Suizhou City, Hubei; in the same year, SAINT ANGELO Group invested in real estate, focusing on the transformation of old rural cities; in 2005, Zhuang Ji developed real estate in Tianjin and established a super large comprehensive shopping and entertainment center. In the field of diversification, the most well-connected one is the People's Electrical Appliances Group. In 2007, Zheng Yuanbao introduced to the media: "The People's Electrical Appliances Group invested 2 billion yuan in a real estate project covering an area of ​​1,180 mu in Handan, Hebei, and invested more than 1 billion yuan in the headquarters base in Wuhan covering an area of ​​more than 500 mu. In addition, there will be more Invest in real estate in Zhengzhou, Henan and other places.” Later, Shengda Garden in Jiaxing, SOHU City in Hubei, and Renmin Road in Hubei all came from the People’s Electrical Appliances Group. So far, the investment companies under the People's Electrical Appliances Group have designed thirty-six industries: high-tech projects, public infrastructure, shipbuilding, mining, medical and health care, biological engineering, culture and education, water conservancy and hydropower, logistics and warehousing, ports and terminals , market development, real estate, etc. Represented by the People's Electrical Appliances Group, Wenzhou's traditional manufacturing industry has gradually completed the transformation from production and operation to capital operation. Even companies engaged in lighter production are no exception. Wenzhou Rifeng Lighter has also been involved in several real estate projects. Its chairman Huang Fajing once told the media: "As long as there are suitable projects, we will invest in real estate." The argument that "selling commodities is worse than investing capital" and "seeking asset appreciation instead of a century-old foundation" has become a consensus in Wenzhou.Enterprises that started from entities have chosen to "leave manufacturing" and choose to quit the industry. Relevant data show that among the top 100 private enterprises in Zhejiang in 2009, manufacturing sales accounted for 60% of the total, a year-on-year decrease of 24%.Among the last top 100 private enterprises, 14 traditional manufacturing companies failed to enter the top 100 this year.Among the new top 100 private enterprises, the fastest-rising industry is the housing construction and real estate industry. In the latest "2009 Zhejiang Top 100 Private Enterprises Ranking List" released in 2010, 70% of the enterprises have anything to do with real estate. Half of the top 100 enterprises in Wenzhou in 2010 were involved in real estate.Real estate has become an indispensable industry for enterprises, and even determines the survival of enterprises. Of course, real estate is not the only destination for Wenzhou entrepreneurs' funds.With the continuous deepening of Wenzhou's rural financial system reform in 2005, there has been an upsurge of private enterprises buying shares in financial institutions. The Wenzhou Central Sub-branch of the People's Bank of China conducted a survey and statistics on this, and the data obtained are: "After July 2008, with the continuous development of small loan companies and village bank pilots, private enterprises in Wenzhou have become more active in investing in finance. As of the middle of 2010, 1,361 key private enterprises have invested in various financial institutions, with a capital of about 7 billion yuan.” Wenzhou businessmen have always had a tradition of forming groups. In 2004, two private consortiums in Wenzhou, the Sino-Swiss Consortium and the Zhongchi Consortium, were established. In the Sino-Swiss Consortium, there are big names gathered, and Shenli, Aokang, and Fapai all occupy an important place. There are 9 members in total, with a registered capital of 50 million yuan.The Sino-Swiss consortium is full of arrogance and aims to enter super-large domestic investment projects, including national key projects, nationwide municipalities, real estate, etc. The Zhongchi Consortium, which was established later, is composed of seven companies including Great Wall Group, Huatong Group, and Minyang Group, with assets of 2.6 billion.It is said that after the establishment of the Zhongchi Consortium, each company will concentrate on developing its main business, while the diversified development will be entrusted to the consortium. Its goals are full of expectations, covering "real estate development, modern logistics, import and export trade, high-tech, finance, backdoor Listing, venture capital” and other fields. The consortium also hired two professional managers as the president to transform into a modern enterprise management model. Unfortunately, the members of the group acted independently, and the president had no title. They resigned soon after. The style of the word "consortium" has the momentum of a Western monopoly group, which has confused all walks of life and even many parties involved to a certain extent.Unexpectedly, it was "seeing him building a tall building, seeing him entertaining guests, seeing his building collapse"... Nan Cunhui, a representative of private entrepreneurs in Wenzhou, once said: "Building a business is like climbing a mountain. When you start doing it, you think it is very simple. As a result, when you climb higher and higher, it is when the company grows bigger and bigger, and you encounter difficulties. At that time, the more I climbed, the more I felt that I couldn’t go up to the sky, I couldn’t get down to the ground, and I couldn’t turn back.” Many Wenzhou enterprises have shifted from industry to investment, perhaps because of such helplessness and embarrassment of "being too cold at the heights and unable to control themselves in the torrent". Qian Jinbo, chairman of Red Dragonfly Group, has a deep understanding of this. In 2005, after working in the real estate and securities industries, Qian Jinbo felt that the company had a tendency to be reluctant to leave the investment industry, and the industry became a sideline to some extent. Qian Jinbo resolutely decided: "All industries are 'returned to zero' and devoted to Red Dragonfly wholeheartedly. "Qian Jinbo withdrew funds from irrelevant fields and divested, ending the chaotic and inflated situation of diversification. Qian Jinbo said: "When an entrepreneur encounters a good investment in a commercial society, it is like a hero meets a beautiful woman. Everyone thinks, but how to refuse the temptation? Once on such a road, I also refused There is no temptation, but just as 2010 is approaching, I have enough time to truly understand myself about the end of this stage and the beginning of another.” In 2008, the annual sales of Red Dragonfly was 3 billion yuan. Among tens of thousands of enterprises in Wenzhou, the tax ranks 26th, and it ranks first in the shoe industry.Such performance is a counterattack to those who claim that "Wenzhou's manufacturing industry is going into decline". Fill a transparent cup with water, drop a stone, and the water will overflow.But if you put in a coin, the water will not overflow, and if you put in another coin, the water will still not overflow. Such a story seems to be a perfect answer to the difficult problem of the market and profit margins. In a seemingly saturated situation, as long as you focus enough and pay attention to skills, you will always have the possibility of doing things with ease.However, the people of Wenzhou, who once expressed their glory and dreams through industry, have died of industry and swollen speculative heart. Wenzhou people have the character and characteristics of Wenzhou people. They like to take risks and invest almost from birth. Coupled with the nature of capital flow after profit, the hundreds of billions of wealth in the hands of Wenzhou people have almost never stopped flowing. Behind all the hot investment projects in China, there are people from Wenzhou. 温州民间资本在全国各地乃至全球的活跃投资，被人们冠以一个“炒”字来表达。如炒房、炒煤、炒棉、炒矿、炒石油等等。而温州人也因为这个“炒”字而给人们留下了“扰乱经济”的印象。 温州人聪明，温州人善于炒作，温州人也乐于炒作，但是温州人的这些炒也给自己带来了恶名声，市场上只要有人喊一声“温州人来了”，几乎立刻会招来一片口诛笔伐。 温州人确实给很多市场、很多地方带来了混乱。中国人喜欢把控制、抬高价格的商业活动称为“炒”，而温州人正是精于此道。 从大蒜到棉花，从房子到玉石，几乎没有温州人不炒的。而凡是温州人盯上的商品，必然会出现价格非理性的变化，必然伴随着让依赖这些商品生存的普通百姓苦不堪言。从这个角度上讲，温州人确实是罪大恶极。 不过反过来看，温州的“炒”又是一种无奈的选择。对于富起来的温州人来说，手中的钱在自己的手中毫无用处，这是对财富的一种极大的浪费。但是与此同时，温州人似乎也没有什么正当的投资渠道。 然而，资本天然具有盲目性，如果人不能驾驭这种盲目性，而是由着这些资本乱来，最后倒霉的一定是自己。