CHINA – From selling sewing threads in a thatched cottage to founding one of China’s major industrial empires, Duan Minxian’s life is a story of extremes — from adversity to affluence, and ultimately, to solitude in his twilight years. Once the richest man in Chongqing and founder of Lifan Group, Duan became a symbol of the belief that it’s never too late to start.
Born in 1938 into a once-wealthy landlord family, Duan’s early childhood was one of comfort — until tragedy struck. After his father's passing, the family fell into poverty and moved into a rundown thatched house. At just 12 years old, Duan started selling sewing supplies to support himself and his mother.
Motivated by his mother’s advice — “Without education, you’ll be useless in life” — Duan returned to school and excelled in mathematics. He completed the equivalent of a university-level curriculum before even graduating high school. But during a politically volatile period, his comments were deemed subversive, resulting in expulsion and an 18-year sentence in a labor camp.
Even behind bars, Duan never gave up. He learned English, studied classical literature, translated books, and trained his body — all in preparation for a second chance at life.
Released from prison at age 41 with no money and no social standing, Duan slowly rebuilt his life — working as a translator, lecturer, and editor. By 1985, at age 47, he left his government job to explore entrepreneurship. His first major success came from a book project titled “One Cent for Middle School Students”, which sold over 30 million copies and gave him the financial base to take bigger risks.
At age 53, while many of his peers were preparing for retirement, Duan founded Lifan Group, venturing into the highly competitive motorcycle industry. Competing with giants like Jialing and JianShe, Lifan thrived through innovation — pioneering ultra-compact engines and launching China's first electric-start motorcycles, which revolutionized the domestic market.
By 2003, Duan expanded into the automobile sector with models like the Lifan 320, which quickly gained popularity. In just 18 years, Lifan grew into a national industrial powerhouse with 18 factories across China.
In 2010, Lifan was listed on the Shanghai Stock Exchange. Duan, then 72, became the wealthiest individual in Chongqing, with a net worth of over ¥11 billion (approximately $1.5 billion USD).
His business philosophy was simple yet bold: “With courage but little knowledge, you still have half a chance. But with only knowledge and no courage, you have none.” This mindset drove his daring ventures — from publishing and motorcycles to automobiles and even football clubs.
But in 2016, Lifan was investigated over ¥100 million in government subsidies. The controversy damaged the company’s reputation and led to declining revenues. Though Duan retired in 2017, he returned two years later to salvage his legacy.
In 2020, Lifan filed for bankruptcy and restructuring, with ownership transferred to Geely Group. The empire Duan spent three decades building was no longer his.
In August 2023, Duan Minxian voluntarily moved into a nursing home. He chose not to live with his children or hire a caretaker. Instead, he embraced a quiet life — reading books, listening to music, writing short journal entries, and quietly following the news of the company he once created.
Having lost everything he built, Duan continues to live with dignity and grace. His story is a reminder that in both business and life, nothing is permanent.
Tiếng Việt
English
