Founder of China's Top 500 Enterprises, Wenzhou Tycoon, Subjected to Compulsory Measures

(CNA Taipei, 8th) Hu Xingrong, founder of DoFu Group, a large private enterprise among China's Top 500, has been confirmed to be subjected to compulsory measures after being missing for several months.

ST Hailong, a listed company under DoFu Group, announced on the 7th that the company's actual controller, Hu Xingrong, has been subjected to compulsory measures by relevant authorities. Compulsory measures refer to legal coercive measures taken by prosecutors, police, and courts to temporarily restrict or deprive suspects and defendants of their personal freedom for a certain period to ensure the smooth progress of criminal proceedings, and are also used in administrative and other fields.

According to the WeChat public account of "Metropolis Express," market rumors of Hu Xingrong's disappearance had been circulating long before the current announcement. Since his last public appearance in October 2025, Hu Xingrong has been absent from the public eye for a long time; at the same time, DoFu Group, which he built, has been experiencing liquidity tension.

Hu Xingrong was born in Wenzhou. According to reports, he founded Yajie Lock Industry at the age of 19 in 2000, starting with basic lock manufacturing. In 2008, with the prevalence of unfinished buildings in China's real estate market, he seized the opportunity to enter the market and revitalize non-performing real estate. By 2015, he had established a presence in more than 20 cities across China, renovating over 30 unfinished building projects, and the group's revenue exceeded 10 billion yuan.

After years of cross-industry expansion, DoFu Group has grown into a comprehensive large private enterprise, consistently ranking among China's Top 500 Enterprises and China's Top 500 Private Enterprises. In 2024, it ranked 143rd among China's Top 500 Enterprises, with an annual revenue of 218.9 billion yuan, total assets of 143.3 billion yuan, and a workforce of over 10,000 people. The group's business scope covers intelligent manufacturing, urban construction, trade, aviation, new energy, cultural tourism and real estate, etc. In 2024, Hu Xingrong also appeared on the Hurun Global Rich List with a net worth of 13 billion yuan.

However, the group's explosive growth has always been questioned by the market. It is widely believed in the industry that the surge in revenue is mainly driven by bulk commodity trading, and although the revenue scale is large, the profitability level is weak, and the company's true profitability has long been in doubt.

Now, DoFu Group's risks have erupted collectively. Several former employees revealed earlier that the group was experiencing liquidity risks, and employee salaries had been suspended for 3 months. Industrial and commercial data shows that related equity under Hu Xingrong's name has been frozen by the Chengdu-Chongqing Financial Court. (Editor: Zhou Huiying / Feng Zhao) 1150708

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