Beijing Xinwei Technology

Founded in 1995, Beijing Xinwei Technology began as a wireless communication equipment provider. The company's trajectory dramatically shifted when entrepreneur Wang Jing took control. In 2014, Wang orchestrated a backdoor listing on the Shanghai Stock Exchange, which rapidly turned him into one of China's wealthiest billionaires. At its peak, his net worth was estimated in the billions. The company gained international attention for its ambitious, and ultimately unfulfilled, plan to construct a $50 billion canal across Nicaragua. However, Xinwei's fortunes began to turn as questions arose about its mysterious dealings and lack of transparency. Trading of its stock was suspended for over 900 days starting in 2017 to prevent abnormal fluctuations. When trading resumed in 2019, the stock plummeted, wiping out billions in market value and causing significant turmoil for its more than 100,000 shareholders. In 2021, the Shanghai Stock Exchange officially delisted Beijing Xinwei Technology Group, and Wang Jing was barred from serving in managerial roles of listed companies for ten years.