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Fallen unicorns and failed star startups

70 articles

9F Inc.

9F Inc. (玖富) is a Beijing-based fintech company founded by Sun Lei in 2006 that became one of China's largest P2P lenders before regulators shut the industry down in 2020.

Aiwujiwu

Aiwujiwu (爱屋吉屋) was a Shanghai internet real estate brokerage founded in 2014 by three former Tudou executives, China's first brokerage without stores, which closed in 2019.

Bluegogo

Bluegogo (小蓝单车) was a Chinese stationless bike-sharing startup launched in November 2016, which raised 400 million yuan and collapsed within a year, its bikes passing to Didi Chuxing in 2018.

Bopai

Bopai (博湃养车) was a Beijing-based door-to-door car-maintenance startup founded by Ji Wei, which raised $18 million from JD and BitAuto before collapsing in December 2015.

Che 8 Xiche

Che 8 Xiche (车8洗车) was a Chinese door-to-door car-washing platform operated by Beijing Pinyou Technology in Beijing, launched in March 2015 during the car-wash subsidy war and shut down in July 2015.

Chen Baoguo

Chen Baoguo (陈宝国) is a Chinese businessman who founded and chairs PPmoney, a Guangzhou P2P lending platform launched in 2012 that was Guangzhou's largest before the industry was shut in 2020.

Chen Jinlei

Chen Jinlei (陈锦磊) is the Chinese businessman named as general manager of Taojindai, a P2P lending platform that launched in June 2012 and collapsed within days.

Chen Yuying

Chen Yuying (陈宇莹) is a Chinese business executive, formerly of Alibaba, Tencent, and Tujia, who was CEO of the bike-sharing startup Xiaoming Bike from January to October 2017.

Cocar

Cocar was a Shanghai-based peer-to-peer car-rental startup founded in 2014, the first in China to shut down, closing in July 2015 after failed Series A funding.

Community 001

Community 001 (社区001) was a Chinese online grocery delivery platform founded in 2012, which delivered supermarket goods within one hour before collapsing in September 2015.

Dai Wei

Dai Wei (戴威) is a Chinese entrepreneur who founded the bike-sharing company ofo in 2014 and was later listed by courts as a dishonest debtor.

Deng Liang

Deng Liang (邓亮) is a Chinese businessman who founded the Dongfang Chuangtou P2P lending platform in Shenzhen, convicted in 2014 in China's first P2P criminal case.

Ding Ning

Ding Ning (丁宁, born 1982) is the Chinese founder of Yucheng Group and its Ezubao lending platform, convicted in 2017 of a $9 billion Ponzi scheme.

Dingdong Xiaoqu

Dingdong Xiaoqu (叮咚小区) was a Shanghai community O2O app launched in March 2014 by Liang Changlin, offering delivery, forums, and local services to apartment compounds.

Dong Qi

Dong Qi (董祺) is a Chinese fintech executive who co-founded the consumer-finance group Fanpu Jinke in 2013 and led its P2P lending platform Aiqianjin, which was criminally investigated in 2020.

Dongfang Chuangtou

Dongfang Chuangtou (东方创投) was a Shenzhen peer-to-peer lending platform founded by Deng Liang in 2013 that absorbed 126 million yuan before becoming China's first P2P platform convicted as illegal fund-raising, in 2014.

ezubao

Ezubao (e租宝) was a Chinese online peer-to-peer lending platform launched in July 2014 and seized by police in December 2015 as one of China's largest Ponzi schemes.

Gionee

Gionee (金立), formally Shenzhen Gionee Communication Equipment, is a Chinese phone maker founded in Shenzhen in 2002 by Liu Lirong and bankrupt by December 2018.

Hou Yi

Hou Yi (侯毅) is a Chinese retail entrepreneur who founded the Freshippo fresh-food supermarket chain inside Alibaba in 2015 and led it as chief executive until retiring in 2024.

Kenneth "Cat Daddy" Pogson

Kenneth "Cat Daddy" Pogson is an American businessman who co-founded Voodoo Doughnut in Portland, Oregon, in 2003 with Tres Shannon, supplying the voodoo theme and running the back-of-house operations.

Lancai Wang

Lancai Wang (懒财网) was a Beijing-based online wealth-management and P2P lending platform founded by Tao Weijie in 2013, which reported RMB 23.4 billion in lending before a 2019 police case.

Lei Houyi

Lei Houyi (雷厚义, born 1991) is a Chinese entrepreneur from Chongqing who founded Wukong Bicycle, the first of China's bike-sharing startups to shut down, exiting in June 2017.

Li Yongjin

Li Yongjin (黎勇劲) is a Chinese internet entrepreneur who founded the Shanghai online property brokerage Aiwujiwu, which raised US$350 million, reached a US$1 billion valuation, and collapsed in 2019.

Liang Changlin

Liang Changlin (梁昌霖), also romanized Changlin Liang, is a Chinese entrepreneur and former military officer who founded grocery delivery company Dingdong Maicai in Shanghai in 2017 and led it until 2026.

Liu Jun (finance executive)

Liu Jun (刘军) is a Chinese finance executive who served as CEO of Mindai Tianxia, a Guangzhou P2P lending platform that announced an orderly exit in January 2020.

Liu Lirong

Liu Lirong (刘立荣), born 1972, is a Chinese entrepreneur who founded the Gionee phone maker in 2002, which peaked at 40 million handsets in 2016 before its 2018 bankruptcy.

Long Fei

Long Fei (龙飞) is a Chinese business executive recorded as legal representative and general manager of Shanghai Panda Hu Yu Culture, the company behind the Panda TV streaming platform.

Luo Yonghao

Luo Yonghao (罗永浩) is a Chinese entrepreneur and internet celebrity who founded the smartphone maker Smartisan Technology in 2012, then repaid its debts through Douyin livestream selling.

Meng Zeyu

Meng Zeyu (孟泽宇, born 1985) is a former Chinese finance executive who was a division general manager at Beijing wealth-management firm Xinhe Fortune, convicted in 2022.

Miao Zhongying

Miao Zhongying (缪忠应) is a Chinese businessman who founded the P2P lending platform Youyi Wang, which collapsed in 2012; he received 13 years for fundraising fraud.