# Foshan Business

The Meltdown of China’s ‘Air Conditioning King’: A Cautionary Tale of Resource Integration over Innovation

Li Xinghao, the founder of Chigo Air Conditioning who rose from a peasant to a billionaire, has seen his empire collapse into a 2026 bankruptcy filing. The company's downfall is attributed to a failure to invest in R&D, a distracting foray into capital markets, and legal troubles involving the misappropriation of funds.