China is experiencing an invasion of sea turtles, and Shanghai native Ray Zhang, above, is one of them. Named for the marine reptile that mates at sea and returns to land to nest, Chinese “sea turtles” are mainlanders who study overseas and come home to make money, a contribution to Chinese society, and the locals jealous.
Mr Zhang spent 17 years “out at sea”, before returning to his homeland to launch what was then a relative novelty: a Chinese car hire business. Now he is preparing to take the company, eHi Car Service, public with a New York listing.
In true sea-turtle fashion, he chose a business that will be good for China, not just good for his pocketbook: a car rental company with a focus on green vehicles and Zipcar or Streetcar-style car sharing, which allows members to share a vehicle parked in a public space. Mr Zhang says this could be one solution to China’s growing environmental, traffic and parking problems.