Core Points - The article discusses the financial downfall of Wang Wenyin, the major shareholder of Jiuding New Materials, and the collapse of Evergrande, highlighting the severe consequences of their financial mismanagement and risky investments [1][19]. Group 1: Wang Wenyin and Jiuding New Materials - Wang Wenyin's shares in Jiuding New Materials were ordered to be auctioned due to court actions, marking the 32nd time he has been listed as an executed person, with total debts amounting to 22 billion [1]. - Wang's business, Zhengwei Group, once claimed to have mineral resources valued at 10 trillion, but these claims have been questioned and later removed from the company's website [4][6]. - The company faced multiple legal issues, including a debt of 1.03 billion owed to China Construction Eighth Engineering Division, leading to restrictions on Wang's spending [11]. Group 2: Evergrande's Collapse - Evergrande, once valued at 400 billion, officially delisted from the Hong Kong Stock Exchange, with its stock price plummeting to 0.163 HKD, resulting in a 99.5% loss in market value [1]. - The company reported total liabilities of 2.39 trillion against assets of 1.74 trillion, creating a shortfall of 640 billion [15]. - Evergrande was found to have inflated its revenue by 2.139 billion in 2019 and 3.501 billion in 2020, leading to significant financial discrepancies [15][16]. Group 3: Relationship Between Wang Wenyin and Evergrande - Wang Wenyin invested 130 billion in Evergrande, with an additional 50 billion in 2017, but these investments turned sour as Evergrande's financial troubles escalated [7][9]. - The close business relationship between Wang and Xu Jiayin (Evergrande's founder) deteriorated as both faced financial crises, with Wang's investments in Evergrande contributing to his financial downfall [19]. - Wang attempted to convert his debts into Evergrande stock, hoping for a recovery, but the company's market value collapsed, rendering these investments nearly worthless [11].