又一个许家印？巅峰操盘公司力压京东小米，一夜崩塌负债7500亿被抓

Core Viewpoint - The article discusses the rapid rise and subsequent fall of HNA Group, highlighting the dangers of excessive leverage and the importance of focusing on real business operations for sustainable growth [1][11]. Group 1: HNA's Rise - HNA Group's asset scale reached a record high of 1.23 trillion yuan in 2017, surpassing major players like JD.com and Xiaomi, making it the second-largest private enterprise in China [1][5]. - Founder Chen Feng utilized a "nested" financing strategy, starting with 10 million yuan to lease and then mortgage aircraft, ultimately acquiring over 300 planes [3][5]. Group 2: HNA's Downfall - Despite the rapid asset growth, HNA's high debt levels posed significant risks, with a cash flow of only 40 billion yuan and a total debt reaching 750 billion yuan by 2021, marking one of the highest debt levels in Chinese corporate history [9][11]. - Chen Feng's son was implicated in misappropriating company funds, further exacerbating financial pressures, leading to HNA's bankruptcy filing in 2021 [9][11]. Group 3: Lessons Learned - The contrasting paths of HNA, JD.com, and Xiaomi illustrate the risks of speculative financial practices versus the stability offered by solid business operations [11][13]. - Companies like JD.com and BYD focus on innovation and real business growth, contributing to their long-term success and resilience in the market [11][13].