From $10B Valuation to $17.1K Revenue: Tech Debt vs. Capital Games

After years of building SaaS tools, what I fear most isn't bugs—it's technical debt. The pitfalls buried in the code will eventually blow up, and they usually do right before a launch event. But after reading the Quanyuan Tech story, I realized how naive I was. There's an even scarier kind of debt in companies called capital debt. It can take you from a multi-billion dollar rising star straight to ST (Special Treatment) status, with no chance for a rollback.