NICARAGUA NEWS (FORBES) –Chinese entrepreneur Wang Jing has generated a lot of news around the world for his contoversial plan to lead the investment of up to us$50 billion in the development of a canal that would cut across Nicaragua and boost economic growth in the Central American economy in the coming future.
Meanwhile back at home, the backdoor listing of his main telecommunications business last month is creating a lot of new wealth for Wang and his shareholders. Besides Wang, who was previously ranked by Forbes as a billionaire, three other shareholders in the company have joined the ranks of the world’s billionaires and three others have fortunes that exceed us$750 million in connection with the move.
After nearly a year following the plan’s announcement, and two months after it received government approval, Shanghai-listed Beijing Zhongchuang Telecom Test last month completed the purchase of a 96% stake in Beijing Xinwei Telecom Technology, Wang’s flagship telecommunications company, in September. As part of the all-stock transaction, Wang and his shareholders now hold 89% of the shares in Beijing Zhongchuan Telecom. Beijing Zhongchuan Telecom has since changed its name to Beijing Xinwei Telecom Technology Group.
Wang’s 1.01 billion shares in Beijing Xinwei Telecom Technology Group were worth $6.6 billion yesterday, making him one of China’s richest people.
In addition, fellow shareholders in Beijing Xinwei after the transaction– Jiang Ning, Wang Youngping and Wang Qinghui have also emerged as billionaires, with fortunes worth US$1.26 billion, US$1.1 billion and US$1 billion.
In addition, Lv Dalong is worth US$985 million, Yang Quanyu US$905 million and Li Shaobo was worth $760 million.
Wang’s and Jiang’s shares have a lock-up period of 36 months. The others have to hold their shares for 12 months.
Beijing Xinwei was founded in 1995 and develops wireless technologies including TD-SCDMA.