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The Collapse of Zongmu Technology: A Cautionary Tale of Entrepreneurship in China
In a shocking turn of events, Zongmu Technology, once a promising unicorn in the autonomous driving sector of China, has ceased operations, leaving 700 employees jobless and unpaid. With a peak valuation exceeding 9 billion yuan, the company's dramatic downfall serves as a grim reminder of the volatility inherent in the tech startup ecosystem, particularly within China's rapidly evolving automotive industry.