Date
26 July 2017
Duan Liuwen insisted on not asking for his father’s money even when he was desperately seeking capital for his startup a few years ago. Photo: internet
Duan Liuwen insisted on not asking for his father’s money even when he was desperately seeking capital for his startup a few years ago. Photo: internet

Two extreme types of second-generation rich in China

Some second-generation rich kids in mainland China are known for their lavish lifestyle and outrageous behavior.

As some media critics say, these young people only know they are rich.

They like to flaunt their wealth while having no idea how the money they are spending is made.

Some youths even said they don’t want to succeed their parents in the family business but are more than happy to take the money only.

“Just sell the company and give me the money,” one young man was quoted by a business school professor as saying.

“How I spend it is none of your business.”

At the opposite extreme are some children of mainland entrepreneurs who are interested only in achieving success through their own efforts.

They will do anything they can to distance themselves from their families’ companies and money.

When he sought capital for his startup, Halation Photonics Corp. founder Duan Liuwen reportedly rejected funding from anyone that had anything to do with his family.

His father is IT guru Duan Yongji (段永基), chairman of Stone Group.

In the first round of funding for Halation, Duan Liuwen reportedly talked to more than 20 venture capital funds to try to secure their support.

He even slept outside their offices to wait for their decisions.

The daughter of another IT guru, Liu Chuanzhi, also chose not to work for her father’s Legend Holdings Ltd.

Jean Liu Qing, known to be a workaholic, starting from the 12 years she spent in investment banking, was instrumental in merging the two ride-hailing firms that now form Didi Kuadi, China’s chief rival to Uber, last year.

As Didi Kuaidi’s president, she now runs one of her father’s competitors, as Legend’s portfolio includes a taxi-hailing company.

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FL

EJ Insight writer

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