Thirty-one years ago today, on April 11, 1994 (March 1, 1994 in the lunar calendar), Shen Taifu, president of Great Wall Mechanical and Electrical Technology Industry Company, was executed. High-tech entrepreneur Shen Taifu was arrested On April 11, 1994, with the approval of the Supreme People's Court, Shen Taifu, president of Beijing Great Wall Mechanical and Electrical Technology Industry Company, was taken to the execution ground for corruption and bribery and executed according to law. On March 2, 1993, Shen Taifu and his wife withdrew 1 million yuan in cash from the fund-raising department of the company in the name of borrowing motor money. His wife deposited it in the bank in her own name, and then took the money for themselves. In February, 1993, Shen Taifu filled out two loan slips of 1 million yuan each in the name of borrowing patent royalties, and used one of them to withdraw 1 million yuan from Shenzhen Taifu Company, a subsidiary of Beijing Great Wall Mechanical and Electrical Technology Industry Company, and handed the other to others for cash withdrawal. After that, he instructed others to draw up a resolution of the board of directors that Shen Taifu personally can withdraw the patent royalty at 10% of the sales, and backsigned the date of the resolution to January 4th. The 1 million yuan withdrawn by Shen Taifu was given to his wife 400,000 yuan, which she deposited in the fund-raising department of Beijing Great Wall Mechanical and Electrical Technology Industry Company in her own name, and the other 600,000 yuan was given to others by Shen Taifu. After Shen was detained, the relevant personnel of the company paid a personal income adjustment tax of 320,000 yuan for Shen Taifu, which offset part of his personal loan of 680,000 yuan in Shenzhen Taifu Company. On March 4, 1994, Beijing Intermediate People's Court made a first-instance judgment according to law: the defendant Shen Taifu was guilty of corruption, sentenced to death, deprived of political rights for life, and confiscated all personal property; Committed bribery and sentenced to 4 years in prison; Decided to execute the death penalty, deprive him of political rights for life, and confiscate all personal property. Shen Taifu's story is another absurd business legend. Shen Taifu, who is less than 1.6 meters tall, is from Siping City, Jilin Province. He has loved scientific and technological inventions since childhood, and he is a very intelligent and studious young man. In 1984, at the age of 30, he resigned from the Engineering Bureau of Siping Reservoir and set up the first individual science and technology development consulting company in Jilin Province with two brothers. They have successively developed many novel products, such as blister packaging machines, two-color water level gauges and a special card reader. His business has a small reputation in the local area for being good at innovation. In 1986, Shen Taifu went to Beijing and registered the collective Great Wall Electromechanical Technology Development Company for 300,000 yuan-until 1988, Beijing Municipal Administration for Industry and Commerce still refused to accept the registration of private high-tech enterprises. The property right nature of Great Wall Company finally became the deadliest link in Shen Taifu's case. Around 1992, Shen Taifu and his scientific and technical personnel developed a high-efficiency and energy-saving motor, which is said to have much higher performance than similar products. However, Shen Taifu didn't have enough funds to put into production, and banks were not interested in this risky project. At this time, Shen Taifu thought of private financing. After Comrade Deng Xiaoping visited the south, 1992 and 1993 were years when investment enthusiasm was extremely high, and people were full of enthusiasm for all kinds of innovative construction projects. Due to the central financial control, all kinds of fund-raising behaviors in the private sector have been very active, and the interest rate is also rising. In many coastal places, the annual interest rate of private borrowing funds is basically between 16% and 20%. A senior general manager of a securities company once recalled, "In that year, securities companies didn't know what they really should do. If hundreds of millions of funds were borrowed out, they would have at least 20% of the income, so they would have to bother themselves?" (Shen Taifu's behavior was essentially "underground private placement". At that time, due to the macroeconomic recovery and strict financial control, private financing activities wandering in the gray area were very active, and Shen Taifu was obviously not the person with the highest financing interest. See the 1997 chapter for relevant circumstances.) It is against such a hot background that Shen Taifu's fund-raising game was introduced.