中青寶，全名為深圳中青寶互動網絡股份有限公司，是中國知名的線上遊戲開發與運營公司，曾被譽為「中國網遊第一股」。該公司於2010年在深圳創業板掛牌上市，憑藉著早期開發的軍事題材與模擬類遊戲（如《抗戰英雄傳》）迅速積累人氣，吸引大量投資者關注。然而，這家公司在近年來卻成為中國資本市場一樁嚴重的財務造假與坑殺股東的負面典型，導致超過6萬名股東深陷損失，被媒體形容為“被活埋”。

這場悲劇的核心問題在於公司長期虛增業績、誤導市場預期、非法套現，並且涉及公司實際控制人（實控人）夫婦惡意掏空上市公司資產。根據中國證監會調查，中青寶在2019年至2021年間通過虛構營收、捏造合同、偽造收款資料等手段，多次虛增收入與利潤。這使得財報看起來亮眼，吸引散戶進場投資。然而實際上，公司的經營狀況早已惡化，根本無法支撐市值的飆升。

特別是2021年期間，中青寶突然宣布將開發「元宇宙」概念遊戲《酿酒大師》，並聲稱將結合虛擬現實、區塊鏈與NFT等熱門技術，迅速炒熱股價，股價短期內暴漲超過三倍，吸引大批中小投資者蜂擁而入。然而這場所謂的“元宇宙概念股熱潮”後來被證明只是一次精心包裝的市值管理行為，相關遊戲至今未見實質推出，連測試版都語焉不詳，顯然僅為炒作之用。最令人震驚的是，公司實控人李瑞杰及其妻子藉著股價上漲的機會，透過減持、轉移資產與關聯交易的方式，大肆掏空公司財富。據初步估計，二人共計轉出資金超過12億元人民幣，而中青寶的市值則在短短一年內從高點暴跌九成以上，導致約6萬名持股股東遭受重大損失。

隨著事態惡化，2023年底，中國證監會對中青寶及其高層啟動全面調查，並於2024年初正式確認公司存在重大財務造假行為，對相關責任人進行行政處罰與市場禁入處分。李瑞杰夫婦也被列入限制高消費名單並凍結部分資產，但大量套現資金早已無法追回，普通投資者的損失幾乎無從補償。

中青寶事件不僅重創投資者信心，也讓外界再次認清中國中小型上市企業在缺乏有效監管下的嚴重風險。這家公司由網遊起家、靠炒作概念起飛，最終卻以財務欺詐、掏空資產告終，成為「A股史上最令人絕望的投資陷阱」之一。許多散戶投資者在股價高點進場，至今仍深套其中，維權無門、血本無歸。如今，中青寶的名稱早已從「中國網遊第一股」淪為造假割韭菜的代名詞。這起事件不只是單一企業的問題，更反映資本市場中監管機制與資訊披露制度的漏洞，以及實控人肆意妄為對中小投資者造成的深遠傷害。

ZQGame: From "China's First Online Gaming Stock" to a Devastating Stockholder Scandal

ZQGame, officially known as Shenzhen ZQGame Interactive Network Co., Ltd., is a well-known Chinese online game developer and operator. It was once hailed as “China’s first online gaming stock.” The company was listed on the ChiNext board in Shenzhen in 2010 and quickly gained popularity through its early development of military-themed and simulation games, such as Anti-Japanese Hero Legend (《抗戰英雄傳》). The success of these titles attracted significant attention from investors. However, in recent years, ZQGame has become a notorious example of financial fraud and shareholder betrayal in China’s capital markets, with over 60,000 investors suffering substantial losses. The media has even described them as being “buried alive” by the scandal.

At the heart of this tragedy is the company’s long-term fabrication of financial performance, market misguidance, and illegal cash-out activities. These actions were orchestrated by the company's actual controllers, a husband-and-wife team, who maliciously siphoned off the company’s assets. According to an investigation by the China Securities Regulatory Commission (CSRC), between 2019 and 2021, ZQGame repeatedly inflated revenues and profits through fake contracts, fabricated income records, and falsified payment data. This manipulation created the illusion of strong financial performance, luring retail investors to buy shares. In reality, the company’s operations had already deteriorated significantly and could not justify the skyrocketing stock valuation.

In 2021, ZQGame abruptly announced that it was developing a "metaverse"-themed game titled Brewer Master (《酿酒大師》), claiming it would incorporate popular technologies such as virtual reality (VR), blockchain, and NFTs. This announcement sparked a surge in the company’s stock price, more than tripling in a short period, attracting a swarm of retail investors. However, what was later revealed to be a well-orchestrated market hype strategy showed no substance—the game has yet to be released, and even a beta version remains vague and unavailable. The "metaverse stock boom" was ultimately a hollow marketing ploy.

Most shocking of all was that the company’s actual controller, Li Ruijie, and his wife took advantage of the inflated stock price to reduce their holdings, transfer company assets, and engage in related-party transactions, effectively looting the company’s wealth. Preliminary estimates suggest the couple withdrew over 1.2 billion yuan (RMB), while the company’s market value plunged more than 90% from its peak within a year. This collapse inflicted severe financial losses on over 60,000 shareholders.

As the situation worsened, the CSRC launched a full-scale investigation into ZQGame and its executives in late 2023. By early 2024, the agency had officially confirmed the company’s involvement in major financial fraud and imposed administrative penalties and market bans on those responsible. Li Ruijie and his wife were added to a high-consumption restriction list, and part of their assets were frozen. However, the vast majority of the embezzled funds had already been funneled away, leaving ordinary investors with little hope for recovery.

The ZQGame scandal not only shattered investor confidence but also exposed the deep-rooted risks within China’s small and mid-cap listed companies, particularly under conditions of insufficient regulatory oversight. The company, which rose to fame through online gaming and capitalized on speculative market trends, ultimately collapsed due to financial fraud and asset looting, making it one of the most infamous investment traps in A-share history. Many individual investors who entered at high prices are still trapped in heavy losses, with no viable path to compensation or legal recourse.

Today, ZQGame’s name has devolved from the pride of "China's first online gaming stock" to a byword for financial deceit and shareholder exploitation. This incident is not merely the failure of a single company; it underscores systemic flaws in market regulation and disclosure as well as the devastating consequences when actual controllers act with impunity, leaving countless small investors betrayed and ruined.