The CEO of the well-known Chinese elevator industry enterprise, Xizi Elevator Technology Co., Ltd., Mr. Liu Wenchao, recently passed away at the age of 54 after falling from a building. This sudden event has caused a strong shock in the industry, with the complex corporate relationship network and tremendous business pressures behind it becoming the focus of attention from various sectors.
On June 5th, according to sources, Xizi Elevator Technology Co., Ltd. will release an obituary officially confirming the death of Mr. Liu Wenchao. Local police investigations have ruled out the possibility of criminal involvement, as reported by Red Star News.
Just three days before the incident on May 30th, Mr. Liu Wenchao attended the 9th “Safety Production Month” launch ceremony at Xizi Elevator and delivered a speech, showing no apparent signs of abnormal behavior at that time.
Public records indicate that Liu Wenchao, born in Heilongjiang in 1971, graduated with a degree in mechanical design and entered Hangzhou Xizi Elevator Factory in the early 1990s, working in grassroots technical and management positions for a decade. In 2007, he transitioned to Xizi Fuxin Technology Co., Ltd.; in 2008, he led a core team of 46 people, investing over 4 million yuan to establish Xizi Elevator Technology Co., Ltd. Currently, Xizi Elevator ranks fourth in the Chinese elevator industry, with a production value of 2.5 billion yuan in 2021 and a revenue of approximately 2.37 billion yuan in 2024.
Mr. Liu Wenchao was known for working excessively long hours. The Zhejiang Provincial Department of Science and Technology revealed that he spent about 100 days a year on business trips and another 100 days living at the company, leaving very limited time to be with his family. His youngest son just started elementary school this year, and father and son mainly communicated through video calls.
Reports have disclosed that Xizi Elevator, its parent company XinXiao Elevator Group, and other related enterprises have complicated interwoven interests and power struggles. Within XinXiao Elevator Group, there are long-standing factions of “professional managers” and “Huayuan Village,” creating intricate internal relationships and power struggles.
Simultaneously, Xizi Elevator has been embroiled in legal disputes in recent years. According to a report by ifeng.com, the company is involved in a total of 192 judicial cases, with Xizi Elevator as the plaintiff in nearly 80% of cases, and over 80% of the disputes focusing on contract issues.
On June 5th, Xizi Elevator was also a defendant in a contract dispute case being heard in the People’s Court of Haining City, adding to their legal challenges.
Mr. Liu Wenchao held multiple roles, such as Director of the Zhejiang Invention Association’s Smart Elevator Professional Committee and an outstanding entrepreneur in Zhejiang Province, making his sudden passing a significant event in the elevator industry.
In the comments section of related news reports, netizens expressed their thoughts, with one saying, “Who wouldn’t want to live well? Especially for such influential figures in the business world, it seems he might have truly reached a dead end.” Another commented, “People fear fame and pigs fear fattening. As a business grows stronger, it will inevitably attract various forces’ attention, and the pressure can be imagined.”