Lin Shaoli, inspired by Sun Tzu’s *Art of War* and advocating value investing as his core philosophy, eventually positioned himself as a maverick "monkey" in the financial world. In this cold winter, he seemingly vanished from the public eye, and the four private sun glass companies he had acquired were also liquidated. Rumors suggest that he was brought down by the failed attempt to take ITAT public, a top-tier domestic venture capitalist. “Check China Resources’ announcement,†a source said. When reporters tried to reach out to key players, only Shenzhen Sanyang Asset Management remained responsive, though with an impatient tone. China Resources Trust stakeholders and ITAT’s contact numbers remained unanswered.
**Bubble Blowing ITAT**
ITAT Group is recognized as the largest chain of apparel department stores in China. It is backed by major investors such as Morgan Stanley and Blue Mountain (China) Capital. The company established ITAT international brand clothing member stores and FASHIONITAT (fashion store) chains across China, offering products from global fashion brands. According to its own website, ITAT opened its first member store in Shenzhen on September 16, 2004, and by 2008, it had expanded to over 800 stores across more than 300 cities. In 2007, it claimed a net profit of 1.04 billion yuan.
When ITAT aimed for an IPO, it valued itself at HKD 16 billion. Tang Yue, a partner at Blue Mountain China Capital who participated in two rounds of investment, even predicted in 2007 that ITAT could make him a billionaire. However, the reality proved otherwise. ITAT lacked real brand content and failed to attract consumers despite its high-profile branding. At the time, many saw it as nothing more than a big bubble.
**Failed to Go Public**
On February 21, 2008, ITAT first attempted a listing in Hong Kong but was rejected. Later, its underwriters, Goldman Sachs and Merrill Lynch, withdrew from the process. A second hearing in July also ended in failure. After that, ITAT began a large-scale contraction, with stores closing one after another. By April 2009, even the flagship store in Shenzhen had shut down.
The failed IPO led Lin Shaoli to position himself as a value investor. It is reported that he leveraged external financing, using future investment income and management fees as collateral to invest in ITAT equity, hoping for a successful listing. According to sources, the listing wasn’t a debt obligation, but when it failed, Lin's capital chain collapsed. As a result, China Resources Trust demanded the liquidation of Sanyang Assets to protect investor interests. However, China Resources Trust claims it was Sanyang that voluntarily proposed the liquidation, leaving the full story still unclear.
**Crazy Listing 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†— a term used to describe the elite group of VC/PE investors who once dominated the market. In October last year, the GEM market broke through, and many VC/PE institutions made huge profits. According to the issue price, the first batch of 28 companies achieved a 5.7-fold return, while the second batch of eight VC/PE-backed companies averaged a 6.77-fold return.
In Shenzhen, investing in companies with potential listings has long been a popular game. Many believe that some lawyers specializing in IPOs team up with company shareholders to raise capital and expand shares, then sell off those additional shares during a hot market. High premiums or commissions are often used to buy these shares, and while some can make huge profits, others lose everything entirely.
Lining up with Sun Tzu’s strategies, Lin Shaoli, now known as a seasoned player in the stock market, found himself caught in the ITAT story, leading to his mysterious disappearance. His experience serves as a cautionary tale in the ever-changing world of finance.
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