The Chinese billionaire businessman Wang Jing is adding a publicly traded telecom company to his private portfolio of agriculture, communications, and media.
Beijing Zhongchuang Telecom Test Co. listed in Shanghai, said yesterday it will buy a 96.5 percent stake in Beijing Xinwei. It will then conduct a private placement of shares that will make Beijing Xinwei Chairman Wang Jing its largest shareholder, according a statement to Shanghai’s stock exchange.
Jing is the man behind the $40 billion canal proposal in Nicaragua to rival the famed Panama Canal. This past summer authorities there granted Jing’s HKND rights to create the Atlantic to Pacific connection for the next 50 years. His Beijing Xinwei telecom company was granted a contract to build a $300 million phone network in Nicaragua as well. China’s emergence as a formidable global investor has seen the country’s might grow through Arctic shipping lanes, commercial real estate deals, and even American business takeovers.