Chinese Tycoon Aiming To Boost Nicaragua Helps Spawn Three New Billionaires At Home

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.

- payin the bills -

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.

- paying the bills -

Beijing Xinwei was founded in 1995 and develops wireless technologies including TD-SCDMA.

Related Articles

Nicaragua still the country with the greatest mobility in Central America in times of pandemic

TODAY NICARAGUA - Eight months after the first case of Covid-19...

Nicaragua restores 95% electricity service

TODAY NICARAGUA - After the damages caused by Hurricane Iota a...

MOST READ

Rosario Murillo: La Heredera (The Heiress)

Rosarion Murillo, the "eternally loyal" to her husband and political partner, Daniel Ortega. In a profile by Confidencial in October 2016, before her election as...

Better Air Connectivity Between Nicaragua and the US

The private companies' association is in talks with United Airlines to promote the opening of a route that connects Nicaragua with the east coast...

Nicaragua Unveils Central America’s Largest Baseball Stadium

Nicaragua has unveiled its long-awaited baseball stadium in Managua, replacing the former baseball field built in 1948. The new structure will hold up to...

Bianca Jagger Gets Into The Nicaragua Act Again

(American Thinker)  Remember Bianca Jagger? You know, the disco queen and former rock-star's wife turned leftwing "human rights activist" who was last seen mourning...

What Are Some of Nicaragua’s Popular Food?

TODAY NICARAGUA - Nicaragua is an interesting place, with a tumultuous history and a relatively peaceful present. and even if many things can be...

Nicaragua Praised by the IMF

The IMF noted the positive evolution of all the country's economic indicators, and the drastic fall in poverty, with an increase of 33% in...

Poll Shows Declining Expectations on a Nicaraguan Canal

According to the results of the most recent survey conducted by Cid Gallup, the Nicaraguan interoceanic canal project, a concession given to the Chinese...

Let's Keep This Going!

To be updated with all the latest news and information about Nicaragua and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.