May 18th, 2011
06:27 AM GMT
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Hong Kong, China (CNN) – The internet in China is on fire after the online announcement that billionaire Wang Gongquan, co-founder of CDH Investment, was planning to run away with his mistress, Wang Qin, the founder of Jiangsu Zhongfu Science and Technology Industrial Group Co.

On Monday night, on Sina Weibo – a popular microblog site similar to Twitter (which is banned in the mainland) - the billionaire wrote:

“Friends, relatives and colleagues, I am giving up everything and eloping with Wang Qin. Thank you for the care and support over the years. I wish you all happiness! I cannot face everyone’s expectations and trust, and we also cannot explain. I’m sorry for leaving without saying goodbye. I ask for forgiveness.”

Since the post, the Chinese press and online community – the world’s largest – has been abuzz over the announcement.

Today, a new post from Wang, one of China’s top venture capitalists, is bound to fan the flames. Wang wrote that family and friends were worried he had been “taken away by the government” for his past speeches on sensitive matters and defense of Xu Zhiyong, a Beijing University lecturer and human rights activist.

China has been cracking down on dissent in recent months – most notably with the detainment of artist Ai Weiwi – following the uprisings earlier this year in the Middle East and calls for similar protests in China.

A translation of what Wang wrote: “Many family members and friends are worried about me and thought I was forced to disappear because I make sensitive comments and participate activities of fighting for equal rights for education that started by Xu Zhiyong,” he wrote, referring to the Beijing University lecturer and founder of the Open Constitution Initiative who was arrested in 2009 on tax evasion charges.

“In addition to this, there are too many meetings and appointments that I can’t make as well as can’t fulfill duties and promises. Can’t switch on mobile phone – sorry, can only inform of my eloping via Weibo to clarify everybody’s confusion. I don’t care if people abuse me in order to disgrace me and ruin my reputation.”

The Wall Street Journal is reporting that CDH – whose venture capital arm, CDH Venture, is ranked by Forbes as the 5th best venture capital company in China – has distributed a letter saying Wang “is taking some time off and that both the venture and private equity fund were operating normally.”

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Filed under: BusinessChina

soundoff (117 Responses)
  1. chinese viewer

    Since when CNN becomes chinese media ?

    May 18, 2011 at 8:24 am |
  2. dale

    hes a great man-we will miss him-well have a great future !!

    May 18, 2011 at 9:21 am |
  3. Leticia Brondial Hackl

    Chinese billionaire give up everything for love? how sweet if is the truth.

    May 18, 2011 at 9:30 am |
  4. chenla

    Strange headline... Why can't he keep everything and elope. Money and love are not mutually elusive.

    May 18, 2011 at 10:02 am |
  5. Kyle H. Davis

    He's Chinese? No... he's not giving up billions to be with her. Nice try, but money and face are the driving force behind Chinese culture. He's taking a lot of that money with him.

    May 18, 2011 at 10:05 am |
  6. Nick

    Sounds like he was kidnapped and the government sent a half-assed email pretending to be him.

    May 18, 2011 at 10:24 am |
  7. NG

    Great ! Finally someone who understood that LOVE is what matter the most !

    May 18, 2011 at 10:31 am |
  8. Daniel

    Fool hearted I think is the word.

    May 18, 2011 at 10:42 am |
  9. Dan

    I am sorry ...couldn't get it !! Why does he need to elope to be with his mistress?

    May 18, 2011 at 10:49 am |
  10. deepwater805

    I was gonna run away with my mistress too, but then I found out she was sleeping with her doctor, who was also doing the flower girl, who was boinking the waiter at Dan Tanas', who kept his afternoons open for my wife, who asked me to up my life insurance...wait a second. Can I start over...?

    May 18, 2011 at 11:08 am |
  11. desert voice (troubledgoodangel or Nathanael)

    This is highly suspect. Someone is writing these notes for him ...

    May 18, 2011 at 11:33 am |
  12. deed

    Not in these times will this happen.

    May 18, 2011 at 11:34 am |
  13. jc.yin

    now CNN has become China News Network. Even tabloid news like this is making an entry into the "business" blog....

    May 18, 2011 at 12:25 pm |
  14. queendaline

    LOVE......i luv long as it aint rape..weldone

    May 18, 2011 at 12:46 pm |
  15. you call THIS reporting?!

    I'm sorry CNN... you have now truly become garbage journalism. The headline reads "China billionaire gives up everything FOR mistress. Makes it sound like he's a heels-over-head buffoon throwing away billions for just some ol' girl. firstly, she, too, owns her own company. And the reality appears to be more about his concerns over censorship and the potential for a political crackdown on him for his views. But tackling that issue might require a journalism major.

    May 18, 2011 at 12:52 pm |
  16. Vlado

    Life is to short, you are a inspiration mister!

    May 18, 2011 at 12:53 pm |
  17. yaniP

    that's what "LOVE" can do....

    May 18, 2011 at 1:13 pm |
  18. BizPerson

    Actually this sounds a lot like a Bernie Madoff letter "I cannot face everyone's expectations and trust". Investors better call for an independent audit of the books ASAP.

    May 18, 2011 at 1:59 pm |
  19. Michael

    @deepwater\ You seem to have some serious personal problems but this man has been kidnapped. He did not run off with anyone.

    May 18, 2011 at 2:22 pm |
  20. YY

    This is highly suspicious. Since when do men in China "give up" everything for a mistress and elope. Concubines and Polygamy have been practiced for centuries. He could can have his cake and eat it too. I do believe there is more to this story.

    May 18, 2011 at 3:26 pm |
  21. ajaj

    She will do anything until she gets the ring on her finger, then turn into a cold beach.

    May 18, 2011 at 3:28 pm |
  22. lolchina

    Interesting how is he giving up everything by leaving the company he works for? The money he has is still in his bank account... this is dumb, stupid CNN.

    May 18, 2011 at 4:09 pm |
  23. Charles

    "Money and love are not mutually elusive." – I love this.

    May 18, 2011 at 4:21 pm |
  24. lloyd

    This billionire has enought money to clone another mistress. His government got him and sent out that misguided e-mail.

    May 18, 2011 at 4:33 pm |
  25. just sayin'

    Why does he have to give up his billions in order to elope?

    May 18, 2011 at 5:06 pm |
  26. bob goh

    the mistress must be THE saddest person in the whole world. after landing herself THE prize catch, he is now leaving all his money to run away with her. how ironic! if it wasnt for his money, she wouldnt be his mistress in the first place...

    May 18, 2011 at 6:30 pm |
  27. LongDuckDong

    i'm more interested in that ultra thin tablet at the top of the chinese website, wonder if that is a shanghai ipad knock-off... Some new technology in china is rather unknown to the west.

    May 18, 2011 at 6:39 pm |
  28. DrV

    Mistress, in turn, gives up China billionaire for Everything. It's a fair trade, she says.

    May 18, 2011 at 6:50 pm |
  29. athenavm

    As Tina Turner said: "What's love got to do, got to do with it?"

    May 18, 2011 at 9:05 pm |
  30. David

    Sure..... give it all up AFTER you have a billion dollars!!!!!

    May 18, 2011 at 10:24 pm |
  31. frank

    In Soviet China, the Party elopes YOU!

    May 18, 2011 at 10:26 pm |
  32. ThatsNotTrue:[

    ............................................Why does this even matter? This is Chinese entertainment news or would be under it in China.............and is this not the business blog....................................going down the drain again.

    May 18, 2011 at 11:29 pm |
  33. LostInTranslation

    Is it normal to translate Chinese into broken English? I am sure that the original Chinese version was more intelligible.

    May 19, 2011 at 2:25 am |
  34. Lea

    ok that's sound sweet..but I think this is stupid..sorry

    May 19, 2011 at 3:04 am |
  35. Sonny Tan

    Cant answer his phone. He is most likely in a chinese prison now.

    May 19, 2011 at 5:44 am |
  36. Daniel Ajah

    well he saw love and said that he will give up every thing that he has that he can make it again.

    Daniel Ajah.

    May 19, 2011 at 7:06 am |
  37. Kris

    Since when CNN becomes chinese media ?

    China owns ur american arse ! HAHAH HAHAHA

    May 19, 2011 at 7:16 am |
  38. Maarthy

    Ok, there's no way he gave it all up just like that. He's either dead or locked up in prison. Sweet Chinese prison!

    May 19, 2011 at 7:31 am |

    The facts are. The U.S Owns 10 times more Gold than China. ;-)

    May 19, 2011 at 8:01 am |
  40. kayizzi m

    true love has its cost

    May 19, 2011 at 11:22 am |
  41. n3kit

    In china, love stories on tv goes like this: the villain gets the girl, the hero gets the business. If the billionaire gets the girl, the party gets the business.

    May 20, 2011 at 1:20 am |
  42. JOE B

    If anybody believes this then you probably believe the war in Libya was initiated by dissidents. Fact is the war in Libya was initiated by the US and likewise the recent instability in China is being funded by the US. Wang was put in prison for working with the US to destabilize China. The US is on a drive to take over the world for the multinational corporations and bankers.

    May 20, 2011 at 5:35 am |
  43. jimmy c lai

    love is hollow, particularly beautiful young woman. True love is very hard to find and hold. Its foolish to give everything for a young girl's love. don't get fooled.

    May 21, 2011 at 2:51 pm |
  44. jim

    "Take not from the mouth of labor the bread it has earned." – Thomas Jefferson

    May 21, 2011 at 5:39 pm |
  45. serious

    Love rules!

    May 21, 2011 at 10:28 pm |
  46. Really?

    Only one mistress? I don't believe this. This isn't how monied people act in china.

    May 22, 2011 at 2:57 am |
  47. Vesi

    The Chinese government is becoming very creative when rounding up people they do not like. What is next? A rapture?

    May 22, 2011 at 3:13 am |
  48. Harry S

    Hmmm...he gave up billions for his mistress? Couldn't he keep his billions and keep her too? I don't think they're mutually exclusive, in fact, don't they usually go together? Lol...

    May 22, 2011 at 3:17 am |
  49. Amistad

    Since he had more than enough for the two of them to live out their lives in comfort, why stay on the treadmill and die young stressing about making their businesses more money? Take instant retirement and die happy. Assuming they didn't already...

    May 22, 2011 at 3:38 am |
  50. SqL

    How many men can be as lucky as this guy, money and love. However, he should keep both at the same time. If you change one, you might lose the other. Who knows, the woman might be in love with him indeed; but that love might be part of what he does. So if he doesn't do what was doing, love changes also. But then, his love for her may change also.

    May 22, 2011 at 3:48 am |
  51. Adolf Simpler

    So CNN stands for China News Network now?

    May 22, 2011 at 3:51 am |
  52. wang chung

    What big deal? She tell me she wanna wang chung tonite! You would go for it too if you look like chinese George Costanza. It not like I can get woman every day with these looks.

    May 22, 2011 at 4:29 am |
  53. rona kantor

    The whole thing is absurd! However, the winner is the girl that wrote the Tina Turner coment - she is the winner, chicken dinner! Love it.

    May 22, 2011 at 5:19 am |
  54. Liz

    The give away all his money has to do of feeling less guilt for whatever reason he feels guilt. Another point, he is too OLD to runaway...teenagers run away not someone of his age. Step up to the plate and assume the relationship instead making a full of yourself.

    May 22, 2011 at 5:35 am |
  55. St.Boyd

    Actually, Batman whisked him away to Gotham City for questioning.

    May 22, 2011 at 6:00 am |
  56. Hale

    The question should be: who is his wife, where divorce is not an option? XD

    May 22, 2011 at 8:01 am |
  57. Phil

    Um... yeah. I can see it already...

    "I weave awl monee behind. Be wid yu."

    "Oh weally? How velly intelesteen. Mmm... head aches now, yu come back tomollow."

    May 22, 2011 at 2:17 pm |
  58. Jen in Boston

    When most words in your language can be written with only one character, you sure can say a lot in a tweet!

    May 22, 2011 at 4:33 pm |
  59. jayman419

    I bet this happens hundreds of times a day on dating websites.

    "Yeah, I met this billionaire, but he has to give up everything to be with me.... isn't that romantic?"

    "Did you ever see him with money?"

    "Well, I saw a picture of him leaning up against a really nice car once...."

    "Well, I hope you two are happy."

    May 22, 2011 at 5:05 pm |
  60. Yaz


    May 22, 2011 at 5:13 pm |
  61. NancyN

    My spontaneous response was a gasp and then the whispered words, "Good. Do it." Don't see much of that anymore: love rising over goods and services.....

    May 22, 2011 at 7:39 pm |
  62. barbara

    Doesn't make sense. The chinese government definitely has him.

    May 23, 2011 at 1:43 pm |
  63. rider

    I heard the Easter Bunny got him.......

    May 24, 2011 at 1:51 pm |
  64. Devara

    There's a medical term for this. It's called ThinkingWithYourCrotchitis.

    May 24, 2011 at 7:29 pm |
  65. NC

    Mistress? Was he married?

    May 24, 2011 at 8:31 pm |
  66. N Kasparian

    A beautiful story of love. I know that it is true that people choose love over riches.. My former partner gave up his well paying construction job in another country to be with me but unfortunately our relationship ended after 3 weeks only. This proves to me personally that money should come first before love. hahaha

    May 24, 2011 at 9:24 pm |
  67. Ramrod

    Business must have been slow, he needed free press.

    May 25, 2011 at 4:35 am |
  68. JJC

    Hey everyone, i'm his long lost son, where do i pick up the check ???

    May 25, 2011 at 6:24 am |
  69. Nabon

    So wait, if its a mistress, then does that mean he was married?

    May 25, 2011 at 6:37 am |
  70. seeking truth

    what he did is simply to draw people's attention,he is still administrating and taking charge of the company.

    May 25, 2011 at 3:58 pm |
  71. Samuel R. Preston, III

    Everybody, Wang Qin tonight!

    May 25, 2011 at 7:27 pm |
  72. JBrocket

    Why does he have to give up what he has earned again? I'm confused.

    May 25, 2011 at 8:47 pm |
  73. NewGBush

    He has been kidnapped by the government. It is not logical for him to run away because he can still keep his money and his sweetheart. If he does not like the work anymore, he can always sell his company and park his cash somewhere and have a long long honeymoon with his sweet heart. Check the Chinese prisons for his whereabout.

    May 26, 2011 at 11:18 am |
  74. Rhonda Me

    What a fool.

    May 26, 2011 at 2:43 pm |
  75. News reader

    CNN is such a joke

    May 26, 2011 at 5:04 pm |
  76. lovchayil

    weird story, perhaps he's being blackmailed by the Communists for making democratic comments. Or Kevin Voigt was bribed by Commies to fabricate this story.
    Whether he truly loved her or not, you gotta remember China is a "Big Brother" dystopia.

    Hey CCP, did you know you're #1 on the list of Worst Genocides of the 20th C.? Yeah, you're worse than Hitler.

    May 27, 2011 at 4:55 am |
  77. Andrew

    No one else notices that the CNN author is not making sense? His title says that Wang is "giving up everything" for a mistress. In the body of his article, it is his mistress who is quoted as saying she is "giving up everything" to elope with Wang. Durh. CNN is a joke.

    May 27, 2011 at 5:08 pm |
  78. Weiwei Dai

    I am a chinese, and one of my classmate work for him. The truth is that this man married in 1980, and divoced in 2005 for his first mistress, who is his second and current wife. His second wife control him for everthing, worrying about he finds another mistress. He sometime show on the company meeting with scar on his face, from his wife. Finnaly, he can't stand his second wife and decided to run away with his second mistress. He gave all his money to first wife in the first divorce and he planed to give all his money again to his second wife and restart again. That's why CNN said " he gives up everything". He did criticize government a lot, but the government has nothing to do with his elope.

    May 27, 2011 at 10:17 pm |
  79. Weiwei Dai

    he had a little girl with his second wife when he still stayed in marrage with his first one.

    May 27, 2011 at 11:18 pm |
  80. Weiwei Dai

    He is back now. it is said they went to an unknown island near to Africa.

    May 27, 2011 at 11:22 pm |
  81. imil

    This man is dead-
    Somebody killed him and conveniently left that note.
    You don't have that kind of money and then disappear with a piece of tail. You will talk to somebody. including your wife.
    They killed this man, this man is dead.

    May 28, 2011 at 1:20 am |
  82. Sheryl

    I don't get it, why did he have to give up his money? It is his

    May 28, 2011 at 6:52 pm |
  83. quantum flux

    To the idiots slamming CNN and reading this as a "love story", congratulations – you are exactly the sheep the Chinese govt is expecting people will be. Anyone who doesnt recognize that this is a sham and that this poor bastard has been disappeared is truly a sad case.

    Sounds like this guy was a real hero and now he payed the ultimate price for it. He overestimated his position, IMO. Money will do that (cause a lapse of reason). He should have removed himself to Canada before becoming an outspoken dissident. I wouldnt be surprised if he has no romantic connection to Wang Qin at all. She is a wealthy woman herself and was probably also on the "hit list". Linking them together in a sex scandal is a great way to distract and cause them to lose face. In reality, they are probably both either dead or political prisoners. KUDOS to CNN for bringing this story out (as most outside of China would probably not have heard of it) And as usual, plenty of angry posts from China in response. Most likely posts from Chinese govt flacks paid to comb the internet and downplay any stories of govt foul play against its own, more progressive, citizens. Shameful that a great nation like China is still mired down by this draconian BS.

    May 30, 2011 at 6:19 pm |
  84. fokjou

    Look, the whole point of being rich is to get when said moron gets great poosay, he might as well dump the cash...shocker, I know...

    May 30, 2011 at 10:15 pm |
  85. Weiwei Dai

    I feel ridiculous about some commons here. This man already showed in China and do interview with reporter about his elope story on TV. He even sing a own song named to his fans on his Weibo (Chinese twitter). Every single one people who can read Chinese knwo exactly what's happening. Why so many America people are so sure about their conclusion on the condition they actually knows nothing?

    May 31, 2011 at 12:41 am |
  86. Ha Ha

    Chinese wives’ are like bread and water in a prison. What this mistress is doing to him is like the Muslim’s getting their 70 virgins. He has too much shame to face his colleagues and family that is the way the culture is. A mistress is hidden pleasure but he wants to be out and open therefore he needs to leave everyone he knows including his business associates.

    May 31, 2011 at 5:40 am |
  87. Proud Geek

    Wow. Either that was one rare and amazing piece of a$$, or we're not being told the whole truth. And I tend to believe that amazing a$$ is not hard to find among the vast majority if attractive, non-obese Chinese women... so I guess that leaves the latter case.

    China is not known for transparency... so... y'know.. DUH.

    May 31, 2011 at 7:58 pm |
  88. Jerry

    The billionaire said "giving up everything" but he never said he was giving up his money. I think people are jumping to too many conclusions.

    June 1, 2011 at 7:15 pm |
  89. So

    So he is killing his career for a piece of tail. Big deal. He keeps his money. Its just another way to retire. Now, if nobody see's him in person soon then you should suspect foul play......They can only make up so many excuses for so long. Now if you see a bunch of Generals dumping the stock, then I'd worry.

    June 1, 2011 at 7:23 pm |
  90. Mart58

    I was under the impression China was a communist country. Billionairs in China? That's not exactly equality!! Thanks

    June 2, 2011 at 6:00 pm |
  91. Annia

    Naaah, I don't buy it. I think the Chinese government is covering up something. If it is true, from what I understood, his mistress is not a gold digger. She is doing pretty well on her own. Even, if it is true that he's giving up everything, he's a smart man, he can always start something new. He's not going to starve, but if he is in custudy , now, that's another story.

    June 2, 2011 at 8:37 pm |
  92. Jeff Porges

    Breaking news?? It made the paper in China 15 days ago. Borrring.

    June 2, 2011 at 10:48 pm |
  93. GUNGHO

    All Chinese with a little money have one/two/three or more mistresses – nothing new here – been going on for 4000 years.
    and him giving away his furtune – think again – nothing is more importend to a Chinese then money and or
    saving their faces.

    June 3, 2011 at 3:05 am |

    This is an eyewash by China's Public Security Bureau. What is more convenient than to make a billionaire disappear and then post comments on his name. this is a new tactic and out of box thinking, public humiliation disabling the family's willingness to pursue their missing loved one , at the same time sending out a coded warning for those who can understand. I guess they did not want another documentary like Weiwi's so this thing smells staged in it's entirety.

    June 3, 2011 at 2:08 pm |
  95. PhilG.

    And his mistress says,"I don't date broke guys" and leaves.

    June 3, 2011 at 4:40 pm |
  96. HAHA

    i can not believe so many comments here for such stupid news, does anything concern with the mistress?

    June 5, 2011 at 2:30 am |
  97. Erica

    His mistress probably works undercover for the government. Sounds sketchy to me.

    June 7, 2011 at 4:55 pm |
  98. RG


    June 8, 2011 at 2:24 pm |
  99. erjk

    Who gives a care? A bunch of comments by conspiracy theory lovers. I'm just here to say at least he's not screwing men in airport bathrooms or tweeting college girls his crotch shots. Wea

    June 9, 2011 at 5:45 am |
  100. erjk

    Who gives a care? A bunch of comments by conspiracy theory lovers. I'm just here to say at least he's not screwing men in airport bathrooms or tweeting college girls his crotch shots. Wealthy powerful men are all messed up. Vote for your female politicians (exempting palin and whatsherface)

    June 9, 2011 at 5:46 am |
  101. Michele

    he can't switch on his mobile???? He has been kidnapped!

    June 9, 2011 at 12:25 pm |
  102. Steward

    What I would like to understand is why is the world accepting so much business and financial relations with a country whom we ALL KNOW abuses the very basic of human rights. Here we are attacking Ghadaffi and hunting him down to the very depths of his country and while I am no fan of the man whatsoever, is that incredibly hypocritical. When did China become the country the US fears the most? We borrow from them, we import from them, we allow them to do as they wish with their currency without imposing sanctions...It makes no sense to me. No more than this "eloping"story of Mr Wang. Why would he? He can just divorce his wife if he is married, or get married if he is single. Please people let's open our eyes here. China is an amazing country with interesting people but its government is out to conquer the world and make no mistake we are letting them....

    June 10, 2011 at 12:01 pm |
  103. Jack Bini

    I have always wanted to give up everything and elope with my beloved. But we need to the money to feed. I wish I was a billionaire. Then I could fulfil my dreams and live happily ever after with my beloved.*sigh* Goodluck to Wang and Wang

    June 11, 2011 at 3:50 am |
  104. alumette

    Something is not right. No one needs to run away with a mistress. They can have them right there under the nose of everyone. This guy is evidently hiding from the government, afraid they would arrest him and pull a Wei Wei on him, or the government already has them somewhere and that letter was a smoke screen. Either way, something is fishy and I am not buying it. The Chinese politics are mighty twisted.

    June 13, 2011 at 1:43 pm |
  105. oldboldgold

    Sounds suspicious. Audit the company and the government.

    June 13, 2011 at 7:15 pm |
  106. Joslai

    I am Chinese. Don't believe this story. No successful Chinese Man is gonna give up everything for a mistress. He may give her a lot of gifts, money and his lust. But to give up his business, no way. What a hoot.

    June 14, 2011 at 5:57 am |
  107. Bob Marshall

    How stupid is that?

    June 14, 2011 at 6:59 am |
  108. elvis316

    he didn't give up everything, he quit his job so he could get some. he's got money in a bank or under a mattress somewhere...or a friend or two. Give me a break.

    June 14, 2011 at 12:49 pm |
  109. Dirty Joe

    Why is his nose so red?

    June 14, 2011 at 9:32 pm |
  110. Camber Blonson

    I don't understand why he has to "give up everything."

    Sounds like the premise to a bad 80s movie or Disney fairy tale.

    June 14, 2011 at 9:34 pm |
  111. Ben Franklin

    Or is the Chinese government covering its tracks?

    June 15, 2011 at 7:19 am |
  112. Carole McDonnell

    Maybe I'm too cynical. I'm wondering if the Chinese government wrote this note. Waiting to see if he shows up elsewhere. Then, if he does.... I'll be convinced he left for monetary reasons.

    June 16, 2011 at 11:30 am |
  113. DSS

    Why not keep both? I had to choose between the woman I love and caring for my family. If I were rich I could secretly have both.

    August 25, 2011 at 6:14 pm |
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