Core Viewpoint - The article discusses the dramatic downfall of Junhe Group, a once-thriving enterprise, highlighting the mysterious absence of its leader, He Qi, and the subsequent financial crisis that led to mass layoffs and operational paralysis [2][5][21]. Group 1: Company Background - Junhe Group ranked 192nd in the 2024 China Top 500 Enterprises and 66th in the China Top 500 Private Enterprises [4]. - The company, which employed over 5,000 people, has been in a state of crisis, with its operations severely impacted by financial difficulties [5][6]. Group 2: Leadership and Growth - He Qi, born in 1982, took over his father's business at the age of 17 and expanded it into a significant commercial empire, establishing Junhe Metal Materials Co., Ltd. in Shanghai in 2003 [7][9][10]. - The company diversified into finance and real estate, achieving a trade volume exceeding 100 billion by 2015 and making He Qi one of the wealthiest individuals in the region [14][18]. Group 3: Crisis Development - In March 2025, new regulations from the Shanghai Stock Exchange mandated that trade transactions must have real goods and corresponding financial flows, which severely impacted Junhe Group's operations [17][19]. - Following the regulatory changes, the company faced a liquidity crisis, leading to delayed salaries and the eventual announcement of layoffs [6][20]. Group 4: Employee Impact - A notification from the HR department indicated that employees who did not resign voluntarily by June 10, 2025, would not receive any further salary or benefits, leaving many in dire financial situations [6][20]. - The company's abrupt operational halt resulted in over 5,000 employees losing their jobs, with many suppliers left unpaid [6][19]. Group 5: Leadership Absence - He Qi has not made a public appearance in China for two years, with reports suggesting he has been living in Japan during the company's crisis [21].