Investors lost ¥9.1B on a bus that ran 300 metres in a straight line

The Transit Elevated Bus was a 22-metre, 7.8-metre-wide electric vehicle designed to straddle two lanes of traffic while cars drove underneath. The concept, originally sketched by American architects in 1969, was revived by Shenzhen Hashi Future Parking Equipment Company and shown at the 2010 Beijing High-Tech Expo. Time magazine named it one of the 50 Best Inventions that year. No working prototype existed.

Around 2010, Beijing Huaying Kailai Asset Management bought the design from inventor Song Youzhou, registered TEB Technology Development, and began selling investment products tied to the project. The 'TEB Fund' carried a minimum subscription of ¥1 million. By 2016, Huaying Kailai had reportedly raised ¥9.1 billion ($1.3 billion) from investors, while the engineering remained unchanged: the bus could not navigate corners, crossroads, bridges, or traffic lights.

In August 2016, a single prototype — TEB-1, capacity 300 passengers — inched along a 300-metre track in Qinhuangdao, Hebei province. It did not turn. It did not stop at a light. People's Daily Online called it a 'complete scam' after Qinhuangdao officials said they had not authorised the test. By December the prototype sat rusting in an open barn. In June 2017 the city dismantled the track. Investors who sought redemptions at Huaying Kailai's Beijing headquarters near Chaoyangmen were not repaid.