The ongoing dispute between Zheng Gang, an early core investor of Chui Technology and co-founder of Zihui Venture Capital, and Luo Yonghao continues to escalate. On September 27, Zheng Gang publicly accused Luo Yonghao and related entities of “Making Friends” on social media, alleging significant tax evasion, tax fraud, and money laundering issues.
In his personal Weibo post, Zheng Gang accused Luo Yonghao and “Making Friends” of registering dozens of limited partnership shell companies using the names of individuals such as Jinwei, Li Jun, Luo Yongxiu, and Huang He, involving significant tax evasion, tax fraud, and money laundering. He claimed that even though the related companies have been deregistered, the tax authorities can still trace and investigate them. Zheng Gang listed several keywords in his report involving dozens of limited partnership shell companies allegedly used for money laundering. “Even now? Even if you deregister, you can still be brought back to life, see how much tax you owe and how many accounts you’ve closed in these limited partnerships.”
Additionally, Zheng Gang stated on Weibo that any law firms or accounting firms willing to assist in auditing Chui Technology’s accounts can receive a certain percentage of the recovered debts as a reward. He mentioned that the related accounts involve Chui Technology’s 15-year financial records, with the recovery target involving approximately 300 million yuan of funds from Zihui Venture Capital, with a maximum reward of 30% based on the recovered amount.
Regarding the auditing issue, a second-instance judgment issued in August 2026 revealed that three funds under Zihui Venture Capital requested access to Chui Technology’s financial information due to shareholder information rights disputes, which were supported by the courts in the first and second instance. The judgment required Chui Technology to provide company articles of association, shareholder and board of directors information, as well as monthly and annual financial accounting reports, accounting books, and vouchers for Zihui to review or copy.
It has been publicly reported that the conflict between Zheng Gang and Luo Yonghao originated from investment disputes during the Chui Technology period. Zheng Gang had previously publicly stated that Luo Yonghao still owes 25 million yuan.
Public information indicates that Zheng Gang is the co-founder of Zihui Venture Capital and an early core investor of Chui Technology. Zihui Venture Capital had previously participated in Chui Technology’s Series A and B financing rounds, with a total investment of nearly 200 million yuan. According to previous reports from The Paper, Zihui Venture Capital had invested around 170 million yuan in Chui Technology early on; during a period of financial strain for Chui Technology, two funds under Zihui Venture Capital had also provided a total of 15 million yuan in loans to Chui Technology.
Luo Yonghao, a former New Oriental lecturer, later founded Chui Technology. After facing operational difficulties at Chui Technology, he incurred significant debts. In April 2020, he began live streaming on Douyin for product sales, with the “Making Friends” team responsible for the operations. This gradually evolved into a leading live e-commerce and MCN (Influencer Incubation Operations Company) organization.
It’s worth noting that Luo Yonghao and his related live e-commerce entities have recently come under scrutiny due to the “Poor Quality Stools” incident. On September 25, a statement was released in the “Making Friends” live stream room acknowledging issues such as mold on wooden boards and substandard filling materials, announcing a comprehensive delisting, termination of cooperation, and initiating refund processes.