Tycoons Lose $20 Billion by Refunding China Exam That 99% Fail
Offcn’s Lu Zhongfang and her son Li Yongxin have lost almost all of their fortune because of a quirk in their business model that initially made them successful.
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Becoming a police officer, a tax official or a customs agent in China is tough: Candidates need to have a post high-school degree and go through a national exam that takes place once a year with a pass rate of less than 1.5%.
Lu Zhongfang and her son Li Yongxin made a fortune helping students prepare for that test. Then they lost almost all of it because of a quirk in their business model.