Summary of Key Points
Zhang Xiaolong, the CEO of Fenbi Technology, has been exposed by netizens for his past remarks praising Japan's invasion of China and Britain's colonization of Hong Kong, which sparked widespread controversy online. Although he subsequently published a lengthy apology, it did not gain public acceptance. Moreover, after Fenbi went public, its stock price plummeted by more than 90%. There are doubts about his suitability to lead a company that provides civil service examination training: on one hand, the company relies on such training for revenue; on the other hand, he has criticized the civil service examination as a form of "leeching off the system without effort." With significant capital backing, can such an institution truly produce qualified civil servants? Will his apology be enough to clear his name?
Detailed Analysis
1. Zhang Xiaolong's Controversial Remarks: A History of Offending Sensibilities
What were Zhang Xiaolong's outrageous statements on Weibo between 2012 and 2014? He publicly claimed that Japanese rule over China had "benefits" and that British colonization of Hong Kong was "praiseworthy"—these remarks directly violated national sovereignty and ethnic sentiments, going beyond mere misunderstandings or controversial opinions. Now that they have been brought to light, he wrote a long apology letter, but it was filled with insubstantial content and failed to address the core issue (for example, he did not clearly admit his mistake). This only made him appear weak and perfunctory. Netizens are naturally skeptical of such an apology.
What's even more contradictory is that, as the owner of a civil service examination training company, he publicly described taking the exam as a way to "leech off the system without effort"—this is like a restaurant owner criticizing customers for wasting food, which not only hurts his reputation but also discourages students who are paying for the courses.
2. Fenbi Company: Stock Price Plunges After Going Public
Fenbi went public in Hong Kong in January 2023, and its stock price has since dropped by more than 90% (for example, a stock that used to be worth 10 yuan is now worth less than 1 yuan). This sharp decline is closely related to Zhang Xiaolong's actions:
- His statements about using AI to replace employees caused panic among the staff.
- He also advised people to invest in U.S. stocks, distracting from the company's main business.
- The recent controversy has further damaged the company's reputation.
Looking at the shareholders, the top five include Yuan Tutoring (founded by Li Yong with 11.76% of shares), Tencent (8.09%), Noah Holdings (7.32%), and Zhang Xiaolong himself (9.66%). This indicates significant capital support, but it hasn't stopped him from making reckless decisions.
3. The Irony: Making Money from the Civil Service Examination Industry While Criticizing It
Fenbi's main business is to help students prepare for civil service exams, with fees ranging from several thousand yuan per course. Yet, the owner Zhang Xiaolong publicly disparages the exam as a waste of time and effort. Isn't this treating students like victims? Students pay to enter the civil service system to serve the country, only to find that the company's leader despises their profession? Anyone would feel deceived; who would want to enroll in Fenbi's courses after such statements?
This behavior of "making money from the industry while criticizing it" is essentially self-destructive for a business.
4. Public Doubts: How Can Someone with Such Views Own and List a Civil Service Training Company?
The main question is: civil service examination training is closely tied to the government system, so how did the company obtain its certification with such controversial leadership? Didn't the stock exchange verify Zhang Xiaolong's background during the listing process? Why do the major shareholders (Yuan Tutoring, Tencent) still support him?
There are also concerns about whether civil servants trained by Fenbi will be influenced by Zhang Xiaolong's values. As the actual decision-maker, his role in course design and faculty management means that the institution may impart a negative view of the government system. If the training instills a lack of commitment to the country, can these graduates truly serve effectively?
5. Can an Apology Solve the Problem?
Will Zhang Xiaolong's apology be enough to resolve the issues? It's uncertain for three reasons:
- His remarks were so offensive that a simple "I was wrong" is not enough to clear his name.
- As the company's second-largest shareholder and actual operator, his presence continues to cast doubt on Fenbi's legitimacy and values.
- Regulatory authorities may investigate (e.g., reviewing his qualifications and the company's compliance), and investors might consider withdrawing their support.
If he does not resign, Fenbi's stock price could continue to fall, and many students might leave. The company could even lose its certification. An apology is just the first step; real change requires concrete action.
Final Question
Do you think someone like him can continue to guide future civil servants or enjoy financial freedom in the stock market? Most would say it's unlikely. After all, fundamental issues cannot be resolved by mere apologies.