The richest man of 200 billion has finally bankrupted himself
Big Cat True Detective Agency
2024-04-29 20:11Posted in Beijing, creators in the field of finance and economics
Author | Cat brother
Source | Big Cat Finance Pro
Not long ago, after nearly three years of suspension of listing, Xinwei Group, which had a market value of nearly 200 billion yuan, was finally ruled bankrupt.
Wang Jing, the actual controller of Xinwei, is China's most mysterious and foolish boss, engaged in gold mines, digging canals, and launching satellites, and after playing many governments and 150,000 shareholders around, he disappeared into the sea of people with tens of billions of fools.
The scam revolves around Xinwei Group.
At the beginning, Xinwei was a joint venture between Datang Telecom and a foreign-funded company, and the company's technology flavor was very strong, and then the company was going to go public, but Datang Telecom did not do it, saying that it would not sign the listing documents if it did not remove the president.
It turned out that they found that several core technologies that had been placed on high hopes were placed in another company under the president's name, and they planned to acquire the company after going public, so that the president's interests were maximized, but the rights and interests of the major shareholders were damaged, so Datang stopped doing it.
At that time, the technology of the communications industry was advancing very fast, and it was not necessarily possible to keep up with all the efforts, and there was no advantage at all if there was a conflict.
In the end, Datang Telecom really had no choice, so it decided to sell the company.
In 2010, someone spent 130 million yuan to acquire Xinwei, and the new boss was named Wang Jing.
Source: Xinwei Group's official website
He was 38 years old this year, and there are many theories about how the money came from.
There is a saying that he studied at Jiangxi University of Traditional Chinese Medicine, and later opened a bathing company in Xiaotangshan, Beijing, where he packaged himself as a Chinese medicine health expert and earned his first pot of gold through health care products.
Another theory is that he is a mining investment in Southeast Asia, owning gold mines, potash mines, and gem mines, of which Cambodia's gold mines are valued at $5 billion, and that's how the money comes from.
His own explanation is very simple, he studied finance in Hong Kong, opened a mine in Cambodia, and then he had money.
Of course, most people believe the fourth theory - he was just standing in front of the platform.
But no matter what, with Xinwei, Wang Jing can show his strength.
However, a person who does not have a unified version of his history will definitely take an unusual path in the business field.
The first big order came from a telecommunications company in Cambodia, which contributed 3 billion in sales to Xinwei in a few years.
But many people think it's strange that the company that cooperates with Xinwei is about to go bankrupt, and the communication business is basically useless, how can it make so much money?
It turns out that this is Wang Jing's routine of making money.
1. Sign the sales contract first
2. Then Xinwei made a guarantee and asked the bank to give a loan to the Cambodian company
3. The Cambodian company used a loan to buy Xinwei's equipment
Therefore, these sales are all the money from Xinwei's own bank loans.
Some people say that this left hand is reversed from the right hand, and in the end it doesn't make money, which is wrong.
Because after Cambodia was opened, Wang Jing used this "telecom fraud" model to Russia, Ukraine, Nicaragua, Mozambique, Panama, Ireland, Uganda and other countries, contributing a lot of income to Xinwei.
Moreover, this also validates the new model conceived by Wang Jing: use domestic funds to do overseas projects, overseas companies contribute income, and then pull up stock prices, and finally harvest shareholders and loan banks.
I have to say that this model is quite "innovative", because you are fooling around in China like Jia Yueting, and it won't take long for everyone to know what you are doing, but overseas projects are "safe" a lot, after all, if you go to investigate, the cost is quite high.
So the story king got into action.
1. In 2012, Wang Jing said that he would spend 50 billion yuan to build a canal with a total length of about 276 kilometers in Nicaragua, Central America, the "Nicaragua Canal".
I have to say that this program makes many people feel that cow.
Because it is aimed at the Panama Canal, which now earns $2.8 billion a year in river tolls, the Nicaraguan Canal is a giant money printing machine, and it will have a huge impact on the geopolitics of Central America.
The Nicaraguan president was the most excited, and soon promised to give Wang Jing 8% of the right to benefit and the right to operate for 100 years after the construction was completed.
Wang Jing looked at this posture and directly increased:
In addition to the canal, two large ports, an oil pipeline, an international trade zone and a modern airport will be built in Nicaragua, with a total investment of 330 billion yuan.
The president had never seen such a splash of wealth, and it didn't take long for the two sides to sign a contract.
What happened in the end?
At that time, Wang Jing promised that at least 1,000 staff members would be arranged in the initial stage of the project, but in fact, there were only about 30 at most, and these workers soon left because Xinwei did not pay them.
The only result was the construction of 11 kilometers of gravel roads, and nothing else.
2. After that, Wang Jing narrowed his eyes a little closer and aimed at Ukraine.
He announced that he would invest $10 billion to build a deep-water port in Ukraine, which attracted the attention of authoritative financial media and the Financial Times, who included Wang Jing in the list of "25 most noteworthy Chinese".
For example, Mr. Ma in Hangzhou, Brother Xiao Ma in Shenzhen, and Lei Jun who has become popular recently.
Of course, after all this news was released, no one followed up on the project at all.
3. Immediately afterwards, Wang Jing announced an exciting plan - "Aerospace Information Network", which is similar to Musk's Starlink, the goal is to establish an independent satellite network system, and it is expected that at least 32 satellites will be launched by 2019 to provide communication services to 95% of the world's population.
To this end, Wang Jing announced that he would acquire the famous Israeli satellite company - SCC, and press releases were flying all over the sky, coincidentally, a few days later, Musk's SpaceX company was preparing to launch the Falcon 9 rocket, which exploded when it was refueling on the ground, and it was SCC's Amos-6 satellite on board.
As soon as this incident came out, Xinwei also issued several announcements, calling on everyone to treat it kindly, but the acquisition was no longer followed.
4. Wang Jing also plans to carry out a major renovation of the Moscow Metro, upgrade the Trans-Siberian Railway, and develop large oil fields for Mozambique. It's all tens of billions of projects.
Unfortunately, these ideas only appear in the media, stock forums and analyst reports, and are basically not implemented.
5. In 2014, Wang Jing started another project comparable to the Nicaragua Canal, acquiring the Ukrainian company Madasich.
The company's main business is the design and production of aircraft engines, known as the "power czar".
Before 2014, life was very good, the main big customer was Russia, but after the annexation of Crimea into Russia in 2014, Madasic could no longer sell products to Russia, and the performance was very poor, Wang Jing took advantage of the weakness and bought 65% of Madasic's shares.
This is probably Wang Jing's first heavy investment, and he actually paid a down payment of 100 million US dollars, but he was too strong.
This incident was hyped up as a bloody incident, and then everyone had a fire to discuss the possibility of acquiring another Ukrainian state-owned enterprise, Antoninov, whose star product is the "An" series of large transport aircraft, which China needs.
The United States was already very concerned about this matter, and then looked at China's public opinion, this is to strengthen the wings of a tiger, then this matter must be messed up, so later the Ukrainian Antimonopoly Committee simply vetoed the deal.
Then why is he so tormented?
People are building momentum through these vain overseas projects, sending money from the bank to overseas companies, and then returning to the parent company to make income, creating the illusion of good performance, and then arbitraging through the soaring stock market.
Wang Jing spent a total of 130 million yuan to buy Xinwei, and under the stimulation of canals, telecommunications, satellites, and aircraft engines, Xinwei's market value was close to 200 billion at the peak, and a bunch of rich people were created in batches, many of whom were quite strange.
1. For example, a shareholder named "Yang Quanyu" cashed out 4.1 billion yuan, so he was on the "2016 Hurun Cash-out Rich List", but this Yang Quanyu is actually an old lady in Shanghai, born in 1948, and has lived in a small building on Urumqi Middle Road, Xuhui District, Shanghai for most of her life. Until 2014, the Yang family hastily sold the house to a Taiwanese and then disappeared.
2. There is also an investor named "Wang Anlin", born in 1938, who holds Xinwei shares worth about 670 million yuan, and her registered address is a teacher's apartment in Peking University, but later checked, her shares came from an old partner of Wang Jing.
3. There is also a shareholder named "Cai Changfu", born in 1935, who holds Xinwei's shares worth 290 million, but in fact, Cai Changfu is just a villager in Shanshuipo Village, Xinqiao Town, Zizhong County, Sichuan Province.
Of course, this kind of play will definitely be seen through in the end, after everyone found out Wang Jing's tricks, the company's stock price plummeted, and he also wanted to delay it by restructuring and suspending trading, but it continued to fall sharply after the review, and was suspended from listing in 2020, the company has always been an empty shell, insolvent, and finally ruled bankrupt in April this year, but 150,000 shareholders have been harvested, and Wang Jing does not know what to do.
How much money did Wang Jing and his subordinates take?
There is no accurate data, and it is estimated that the stock market has cashed out 30 to 40 billion, and it is said that bank credit has also lost 28 billion.
In fact, until he went bankrupt, Wang Jing wanted to make another big profit.
Believing that Ukraine's veto of the Madasic takeover had caused him huge losses, he filed an arbitration with the International Court of Arbitration in The Hague for $4.5 billion.
It can only be said that rich people don't earn the last copper plate, and scammers don't let go of the last copper plate.
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The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself -
The richest man of 200 billion has finally bankrupted himself