福建地产首富，栽了

Core Viewpoint - The article discusses the dramatic decline of Taihe Group and its founder Huang Qiseng, highlighting the company's fall from a peak sales of over 100 billion yuan to insolvency and delisting, reflecting the broader challenges faced by the Chinese real estate industry [1][15][29]. Group 1: Company Background and Achievements - Huang Qiseng, born in 1965, founded Taihe Group in 1992 after leaving a stable banking job, rapidly expanding the company and achieving significant milestones, including a successful backdoor listing in 2010 [4][5][6]. - At its peak in 2017, Taihe Group's sales exceeded 100 billion yuan, and Huang was recognized as the richest real estate mogul in Fujian, appearing on the Hurun Rich List nine times [7][6]. Group 2: Recent Developments and Legal Issues - Recently, Huang Qiseng was placed under detention by the Liaoning Provincial Supervisory Committee due to suspected illegal activities, with the company facing significant operational impacts from frozen and seized assets [1][2][9]. - The Fujian Securities Regulatory Bureau imposed a total fine of 11.4 million yuan on Taihe Group and related individuals for failing to disclose major lawsuits and significant omissions in annual reports from 2020 to 2022 [2][14]. Group 3: Financial Decline and Debt Crisis - Taihe Group has been in a state of insolvency, with debts reaching 584.51 billion yuan by October 2022, leading to a stock price decline and eventual delisting from the A-share market in August 2023 [15][22][21]. - Despite a 25.78% increase in revenue to 8.044 billion yuan in 2024, the company reported a net loss of 21.308 billion yuan, primarily due to asset impairments and ongoing litigation pressures [26][27]. - By the end of 2024, Taihe's total assets were approximately 164.7 billion yuan against liabilities of 187.1 billion yuan, resulting in a negative net asset value of 23.814 billion yuan, with over 65% of assets frozen or pledged [27][28].