Lin Shaoli, drawing inspiration from Sun Tzu’s *Art of War* and emphasizing value investing as his core philosophy, ultimately positioned himself as a maverick "monkey" in the investment world. In this cold winter, he seemingly vanished, and the four private sun glass companies he had acquired were also liquidated. According to rumors, he was dragged down by the failed attempt to list ITAT, one of China’s top venture capital-backed firms. “Check China Resources’ announcement,†a source said when the reporter reached out to various parties. Only Shenzhen Sanyang Asset Management remained, with an impatient tone. Meanwhile, China Resources Trust stakeholders and ITAT could not be reached.
**Bubble Blowing ITAT**
ITAT Group is the largest chain of China's apparel department stores, backed by investors such as Morgan Stanley and Blue Mountain Capital. It operates international brand clothing member stores and FASHIONITAT, a chain of fashion retail outlets, offering branded apparel and department store products. The company opened its first member store in Shenzhen on September 16, 2004, and expanded rapidly, reaching nearly 800 stores across over 300 cities by 2008. In 2007, it claimed a net profit of 1.04 billion yuan. When preparing for its IPO, ITAT valued itself at HKD 16 billion. A partner from Blue Mountain Capital even predicted that ITAT could make him a billionaire. However, the reality proved otherwise—despite the brand name, there was little substance behind it, and the company lacked real appeal. At the time, it was clear that a bubble had been blown.
**Failed to Go Public**
On February 21, 2008, ITAT first attempted to list in Hong Kong but was rejected. Later, its underwriters, Goldman Sachs and Merrill Lynch, withdrew from the process. A second hearing in July also resulted in rejection. After that, ITAT began a major contraction, with many stores closing down. By April 2009, even the flagship store in Shenzhen had shut its doors. Lin Shaoli, who had built his reputation on value investing, had leveraged external financing to invest in ITAT equity, expecting the company to go public. According to sources, the listing did not result in debt, but when it failed, Lin’s financial chain collapsed. As a result, China Resources Trust demanded the liquidation of Sanyang Assets to protect investor interests. However, Sanyang claimed the liquidation was voluntary, and the full story remains unclear.
**The Crazy IPO Game**
If Lin Shaoli was indeed dragged down by ITAT, he would be one of the few high-profile failures among the so-called "IPO Creation Fuzhi"—those who once seemed destined for success. Last year, the GEM market broke through, and venture capital and private equity firms made huge profits. The first batch of 28 companies saw a 5.7-fold return, while the second batch achieved an average of 6.77 times. In Shenzhen, many investors jumped into the game, betting on companies that might go public. Some lawyers specializing in IPOs reportedly teamed up with shareholders to inflate share prices, then sold their stakes for huge gains. When the market was hot, people rushed in, sometimes paying high premiums or commissions. While some made fortunes, others lost everything. Lin Shaoli, who admired Sun Tzu’s strategies, may have become a cautionary tale. Though he was once seen as a master of the stock market, the ITAT saga left him missing in action, serving as a warning to others.
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