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recently, the well-known entrepreneur luo yonghao wrote that so far, "zhen huanchuan" has repaid a total of 824 million yuan, far exceeding the "debt of more than 600 million yuan" previously announced to the public.

in the article, luo yonghao admitted that smartisan technology owed its investor zheng gang 15 million yuan, but because zheng gang launched a rogue lawsuit for repurchase and "spread rumors and slander" on the internet, he would only pay the money back on behalf of smartisan technology if zheng gang made a video to sincerely apologize.

on august 29, according to china entrepreneur, zheng gang responded to luo yonghao: "(even if it is) 150 billion, if he (luo yonghao) gives it to me, i will not accept it. i will not send him this thing (shoot a video to apologize)."

zheng gang. image source: china entrepreneur magazine wechat official account

luo yonghao once worked as a gre lecturer at new oriental, and later founded smartisan technology. eventually, smartisan technology went bankrupt due to a broken capital chain, and luo yonghao also owed a debt of up to 600 million.

as an investor of smartisan technology, zheng gang and luo yonghao were once very close. zheng gang once called luo yonghao "china's steve jobs". whenever someone questioned smartisan technology, he would personally fight back. zheng gang also mortgaged his property to borrow money for smartisan technology.

in january 2023, a change occurred. zheng gang "blasted" luo yonghao in his circle of friends, saying that he was "one-sided" and "two-sided", for example, he did not hold a shareholders' meeting or a board meeting for three years. zheng gang also said that the newly established company was valued at $190 million, but luo yonghao only took out 3.5% to compensate investors who had previously invested 1.5 billion yuan, and the agreement was unethical.

luo yonghao immediately clarified the matter, but zheng gang still questioned luo yonghao's "despicable and shameless". previously, luo yonghao had resigned as the legal representative of smartisan technology. the two sides failed to reach an agreement and parted ways unhappily.

luo yonghao. image source: vcg

in june 2022, luo yonghao announced on social media that he would start his own business again and quit all social platforms. two years later, in august 2024, luo yonghao announced his return to social media.

on august 26, luo yonghao published two articles, "the second season of "true repayment story" - from 600 million to 1.3 billion" and "clarifying the truth about the long-term rumors and defamation of zheng gang, the investor of smartisan technology" (hereinafter referred to as "clarifying the truth"), telling about his debt repayment experience.

in his "truth clarification", luo yonghao admitted that smartisan technology and zheng gang had a loan of 15 million yuan, which was not repaid when due. the main reason was that zheng gang, as an investor in smartisan technology, launched a rogue lawsuit for repurchase and "spread rumors and slander" on the internet.

luo yonghao also said that the company's legal department has completed the collection of relevant evidence and materials, and will later file a formal lawsuit against zheng gang for his long-term rumors, slander and defamation.

the article reads, "if i personally return this money to his company on behalf of smartisan technology, it must be the last, last, and final payment before the finale of 'true return', and the prerequisite for giving it to him is that he shoots an online video with an extremely sincere expression admitting his mistakes and apologizing."

luo yonghao even said that if zheng gang did not do this, he would donate the money (referring to 15 million yuan) for charity purposes.

image source: luo yonghao's social account

after luo yonghao posted the article, zheng gang responded immediately on wechat moments: "the moon only lets you see one side, and you can never see the other half... wait until i can explain the facts with reason and evidence, and show the reasoning with pictures and texts, and also post a video to convince normal people (i don't care about you and me)."

screenshot of zheng gang's moments. source: china entrepreneur magazine wechat official account

on august 27, in an interview with china entrepreneur magazine, zheng gang responded to luo yonghao's alleged "plan to sue" by saying: "i welcome it very much. if you sue, you can provide evidence. then i will refute and throw out the evidence."

in response to luo yonghao's statement that "zheng gang struggled for a long time, but only managed to win over 20% of investors to force me to repurchase, which is far from the 50% explicitly stipulated in the legal agreement", zheng gang said that they have filed an arbitration on the repurchase issue and the trial should be held soon. "we don't want to discuss specific details to affect the arbitration, which is confidential."

regarding zheng gang's statement, an insider close to luo yonghao said: "if zheng gang talks about personal feelings, luo yonghao talks about friendship. luo yonghao has already repaid 824 million yuan, so there is no problem for him to repay the 15 million yuan loan for smartisan technology, and his priority can be ranked very high. but (zheng gang) asked luo yonghao to talk about friendship, and he also found those investors to stab him in the back and go to arbitration. in the end, the only way is to handle the matter impartially."

"we are collecting evidence and looking for lawyers. zheng gang will receive a letter of indictment soon," said the insider.