Seven questions Dong Mingzhu: Where will Yinlong issue be her next stop?
Every time I see Dong Mingzhu, my mind automatically drifts to the American fantasy novel *The Hunger Games*. She reminds me of Katniss Everdeen—the fierce, determined protagonist. On the evening of March 3, when I visited the Guangdong delegation and conducted an exclusive interview with Dong Mingzhu, who had just been elected to the Fourth National People’s Congress, that same feeling returned. Even in a cozy tea room, she had a way of making the atmosphere feel electric. If China’s business world were an apple, with both good and bad parts, her mission is to ensure the good part wins. She carries a strong sense of responsibility and purpose.
During our conversation, we discussed a wide range of topics—her proposals, Gree’s future plans, and even the idea of writing another article about “Chinese entrepreneurs.†However, this article focuses on the interview with Zhuhai Yinlong.
In December 2016, Dong Mingzhu, along with several other business leaders, invested RMB 3 billion in Yinlong, with her personally putting in RMB 1 billion—essentially all of her net worth. The following year, many Gree employees joined Yinlong’s management team, taking charge of key areas like procurement, finance, quality, and production technology. But by 2018, Yinlong was in the spotlight for less positive reasons. Instead of expansion, the news was filled with challenges: suppliers protesting, the chairman stepping down, and signs that the company was struggling. Yet, the root causes remained unclear.
To avoid misinterpretation, I’ve tried to preserve Dong Mingzhu’s original words. Her language is powerful, and through it, one can clearly sense her determination to transform Yinlong.
**First, where is the problem with Yinlong?**
Dong Mingzhu: Yinlong lacks corporate culture and craftsmanship. It needs a complete transformation.
This issue isn’t unique to Yinlong—it's reflective of the broader industry's impatience. Thanks to government subsidies, many quick-money seekers rushed into the new energy vehicle sector. In its early days, Jianye had speculative companies that didn’t build a solid foundation. As a result, problems began to surface. Yinlong used to rely on bank financing just to survive. That’s not sustainable. As a manufacturing company, it should be able to solve its issues through the market.
**Second, what about the supplier arrears? Is Yinlong’s cash flow really tight?**
Dong Mingzhu: It’s normal for Yinlong to face such issues. In the past, there were too many collusions between suppliers and companies, with excessive transactions and no clear standards for product quality or technical specifications.
Now, Yinlong has set strict quality standards and refuses to accept subpar products. This has led to some conflicts, but it’s not a financial debt issue—it’s more of a cultural mismatch between companies and suppliers.
I believe that whenever you push for change, you inevitably challenge existing interests and face resistance. But you can’t give up for the sake of others.
**Third, was Dong Mingzhu’s investment in Yinlong a mistake?**
Dong Mingzhu: We didn’t buy a company because it was good in the past—we bought it because we believed it would be great in the future. If the founder had done a good job, would he have sold the company? He must have had serious problems. A year ago, if we hadn’t brought in capital, Yinlong might not have survived.
Yinlong has strong technology, especially in its batteries, which are ideal for large buses, with long life and fast charging. The problem lies in poor management. Low energy density is a real issue, but I believe through continuous technological upgrades, these problems can be solved. Ultimately, technology and the market aren’t the main issues. The most critical factor is building the right culture and mindset.
Cultural development means creating a culture of honesty, a craftsman spirit, and a commitment to quality. It also means having the right mentality—facing the market honestly.
**Fourth, what changes has Dong Mingzhu brought to Yinlong over the past year?**
Dong Mingzhu: I’m only an investor. I provide suggestions based on where I see weaknesses.
However, the heads of Yinlong’s quality and production teams are all from Gree—people with deep expertise. They are young, ambitious, and eager to take on new challenges. I never expected them to go to Yinlong, but they did so willingly.
When I visited Beijing Daoyi Road, the car manufacturer, they told me that the quality of their products is now many times better than before.
**Fifth, with Wei Yincang stepping down as chairman, will Yinlong’s ownership structure change?**
Dong Mingzhu: Equity changes may or may not happen. But I believe that without revolutionary changes, Yinlong won’t be able to fulfill its mission of contributing to the country’s new energy sector.
**Sixth, after her term as chairman of Gree ends in May, will Yinlong be her next step?**
Dong Mingzhu: I don’t think about that yet. Maybe one day I’ll leave Yinlong. If I do, all my people will go with me—they follow the dream. They want to do something meaningful for the country.
**Seventh, as a female leader, like Sun Hongbin, does she worry that Yinlong could become the next LeTV?**
Dong Mingzhu: I have no fear. I just keep moving forward.
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