Wang Jing

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Name: Wang Jing 

Country: China

Date of Birth: December 1972

Education: Has not graduated

Type of Business: Telecom 

Main Achievements: Founder and CEO of Beijing Xinwei Telecom Technology, Inc, declared as the 12th richest man in China by Forbes

Something interesting about the person: When the stock market of China crashed, Wang Jing’s eighty-five percent fortune was lost.

Biography:

Often referred to as the man behind the Nicaragua Canal Project, Wang Jing was born in the capital city of China, Beijing. He went to acquire his education from Jiangxi University of Traditional Chinese Medicine but left without graduating. He was behind the organization of Beijing Changping Traditional Health and Culture School. Later he went to Hong Kong in order to study finance and investment in the early 1990s. 

The main purpose of studying these two subjects was because he was planning to initiate his own business and founded Dingfu Investment Consulting Co. in 1998, which was located in Beijing. Later in the year 2001, he founded Hong Kong Divine (Dingfu) Investment Group Ltd. He sold his investments to Beijing Xinwei Telecom Technology; a company engaged in communication network testing and maintenance businesses, which was founded in 1995. 

However, it is not known how Wang acquired a thirty-five percent share of Beijing Xinwei Telecom Technology. His position is Chinese billionaires skyrocketed from ninety-four to twelve after his agreement with Beijing Xinwei. Beijing Xinwei Telecom Technology Group Co., Ltd. is occupied with the altered arrangement supplier for telecom transporters, sellers, administration providers, and segment producers. It is likewise occupied with the exploration and improvement, creation, and promotion of the correspondence testing gear. In the upcoming years, Wang proposed a serious project of investing five billion dollars in building a canal across Nicaragua. His projects have raised many speculations and questions as well as controversies. Many people accused him of being an agent of Beijing’s government, which he denied in his press conference. The project is to build a shipping route through Nicaragua and connect the Caribbean Sea with the Pacific Sea. Before Wang announced this project, he was just an ordinary billionaire of China. His investment was unnoticed until he announced the Nicaragua project and a plan to develop a Black sea port worth three billion dollars. 

Wang never shared about his personal life in interviews and press conferences; he always refuses to do so. However, his Nicaragua project has raised many political and environmental concerns. In 2015, the Chinese stock market crashed, resulting in Wang to lose 85% percent of his fortune. After this incident, many doubts among the people arose regarding the project’s completion. Wang’s net worth dropped to 1 billion dollars from 10.2 billion dollars straight. Even though he did not want his Nicaragua project to turn into an international joke, Wang has been declared as the worst performing billionaire of the year 2015 by Bloomberg. Experts have stated that this decline in his fortune will affect the building of the canal. 

After these situations, the US government, too, started to think if this project is feasible or not. Wang is no longer in the list of world’s 400 richest people. His Nicaragua project has faced a lot of backlash as it poses a serious threat to the environment. The project is going to be the largest engineering project in history, and for a poor country like Nicaragua, this project poses a serious risk. Howsoever, due to the loss, Wang has faced, the project is now put on halt. When Wang’s company tried to buy a stake in Ukraine’s largest producer of aircraft and helicopters, Motor Sich PJSC, the shares were frozen by the supreme court of Ukraine, stating that such a business deal might eliminate domestic production of jet engines. The current net worth of Wang Jing is 905 million dollars. 

Links:

https://www.reuters.com/article/us-china-canal-insight/chinas-ordinary-billionaire-behind-grand-nicaragua-canal-plan-idUSBREA4309E20140504
https://www.bbc.com/news/world-asia-china-31936549
https://www.businessinsider.com/the-chinese-mogul-behind-the-40-billion-nicaragua-canal-lost-85-of-his-fortune-in-stock-market-2015-10