Core Insights - The article discusses the rise and fall of Liu Yonghao, once a billionaire known as the "Quail King," who faced significant financial losses due to miscalculating the pig cycle market [1][2]. Group 1: Background and Early Success - Liu Yonghao was born in 1951 into a poor family, with his father earning only 38 yuan per month, which shaped his early life experiences [4]. - Despite financial hardships, Liu Yonghao and his brothers pursued education, leading him to become a teacher before venturing into business [4][6]. - The entrepreneurial spirit was ignited when Liu Yonghao observed his brother earning 300 yuan in a few days, prompting him to consider starting a business [6][8]. Group 2: Business Expansion and Achievements - Liu Yonghao and his brothers initially attempted to start an electronics factory but shifted focus to agriculture due to regulatory challenges [8][10]. - They successfully entered the poultry industry, producing 15 million quails by 1986, which established Liu Yonghao as the "World Quail King" [12][18]. - The launch of the first domestic pig feed, "Hope No. 1," in 1995 revolutionized the market, leading to rapid growth and the establishment of New Hope Group [17][20]. Group 3: Challenges and Financial Decline - The African swine fever outbreak in 2018 led to a drastic reduction in pig populations, causing a surge in pork prices, which Liu Yonghao capitalized on by expanding pig farming operations [25][27]. - New Hope Group's aggressive expansion resulted in significant financial losses, with a record loss of 9.6 billion yuan in one year due to overcapacity and rising costs [33][35]. - By 2023, the company's total debt reached 93.68 billion yuan, transforming Liu Yonghao from a billionaire to a significant debtor [37][39].