Three years after being banned, mainland Chinese actress Zhao Wei, who has been rumored to be making a comeback recently, is once again in the spotlight due to her husband, wealthy businessman Huang Youlong, being pursued for debts totaling 7.53 billion Hong Kong dollars (HKD), with previous debts mounting to a staggering 11.2 billion.
Zhao Wei tied the knot with businessman Huang Youlong in 2008 and they have a daughter named “Little April.” Despite their once soaring fortunes from investments, with their net worth exceeding billions at one point, in recent years there have been numerous reports of them accumulating massive debts.
According to a report by “Hong Kong 01,” plaintiff “Wisdom Venture Limited” filed a lawsuit in the Hong Kong High Court on December 23, alleging that Huang Youlong owes them approximately 7.53 billion HKD in principal and interest. The plaintiff is not only seeking repayment of the outstanding debt but also demanding that Huang pays interest and related litigation costs from the appeal to the repayment period.
The report indicates that Huang Youlong had previously been sued for defaulting on a 150 million HKD loan and was subsequently pursued for another 300 million HKD debt. Of the 7.53 billion pursued in this case, a significant portion, 3.72 billion, is attributed to accrued interest. Records show that “Wisdom Venture” is a wholly-owned subsidiary of Jiaze International Limited, which in turn is a wholly-owned subsidiary of China Huarong International Holdings.
In fact, there were previous reports indicating that Huang Youlong had been chased for approximately 2.8 million HKD in rent and miscellaneous fees for renting a duplex unit and 6 parking spaces in Tsuen Wan, Hong Kong in 2023. It appears that with mounting debts and insufficient income, even rent payments have become challenging to meet.
Zhao Wei, who rose to fame for her role as “Xiao Yanzi” in the drama series “Huan Zhu Ge Ge,” ventured into the business world and became a savvy player in the capital market, earning her the title of China’s “female Buffett.” Earlier media reports mentioned that Zhao Wei and her husband Huang Youlong engaged in market manipulation, leveraging 50 times to manipulate the market value of “Wanjia Culture” to 10 billion RMB, resulting in fines from the China Securities Regulatory Commission and a 5-year ban from the securities market in 2018. Additionally, the couple faced a multitude of lawsuits from shareholders, involving numerous criminal and civil cases, with over 540 lawsuits filed in 2019, with Zhao Wei personally involved in 215 cases.
Unexpectedly, on August 26, 2021, all film and television works featuring Zhao Wei were abruptly pulled from various platforms in mainland China, her Weibo account was shut down, and unreleased projects saw her roles being recast, with state media labeling her as a “disgraced artist.” Since the ban, Zhao Wei’s commercial activities have been shrinking continuously, with her being chased for a debt of 8,488 HKD last month and forcibly repaying 14,177 HKD, sparking discussions and searches.
There were earlier rumors at the beginning of the year suggesting Zhao Wei might be reinstated, with her Weibo account returning to normal and her name appearing on past popular works. At one point, reports from Hong Kong media even indicated Zhao Wei might make a comeback as early as June this year. However, subsequent reports revealed that Zhao Wei’s shares were frozen, and there has been no indication that she has repaid the debts of 8,488 HKD and the enforced repayment of 14,177 HKD, estimating that her return is still far from reality.