It is reported that 12 subjects, including Zihui Venture Capital, have applied for arbitration to Luo Yonghao, which has been accepted by the Beijing Arbitration Commission.
CTOnews.com, September 24, according to thepaper.cn, after Zheng Gang, a founding partner of Zihui Venture Capital, continued to bombard Luo Yonghao in moments in the early morning of September 24, he learned from informed sources that 12 subjects, including Zihui Venture Capital, had formally submitted an arbitration application to the Beijing Arbitration Commission with Luo Yonghao as the respondent on August 28. On September 13, the arbitration application was accepted by the Beijing Arbitration Commission.
The dispute between investors and Luo Yonghao can be traced back to the financing of D-round by Smartisan in 2017. At that time, Smartisan was suffering from the crisis of a broken capital chain. Zheng Gang said that his two funds had borrowed 15 million yuan from Luo Yonghao and Smartisan, but the money was still outstanding from 2018 until June 30, 2023.
In the early morning of September 24, Zheng Gang posted on moments that he discussed repayment with Luo Yonghao and Smartisan but changed his mind again. Zheng Gang also said that Luo Yonghao's company has been listed in Hong Kong and he will file for arbitration. According to Zheng Gang, the 15 million yuan is not equity investment, but a loan. He also said that if the other party said that if they talked about feelings, they would pay you back 15 million yuan for Smartisan; if it was business, they would go to Smartisan. Luo Yonghao didn't sign the agreement anyway.
CTOnews.com noted that this is not the first time Zheng Gang has filed a "complaint" against Luo Yonghao. At the beginning of this year, he posted a long message on moments, accusing Luo Yonghao of being "unauthentic", not holding a shareholders' meeting or board of directors for three years, failing to inform internal investors about the company, and issuing lower equity to RMB fund investors as compensation. In the picture and text on September 4, Zheng Gang once again satirized the basic principle of VC investment of "investment investors", saying that "people are watching", "what a million surprises."
