Chinese Gaming Billionaire Gets Five Years' Jail For Securities Fraud - PingWest
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Chinese Gaming Billionaire Gets Five Years' Jail For Securities Fraud
December 30, 2020 3:32 pmBeijing (PingWest)-Wang Yue, the Chinese billionaires who made his fortune from establishment of game developing company Shanghai Kingnet Network Co. Ltd, was sentenced by a Shanghai court to five-and-half years in prison for stock manipulation.
The conviction comes after Kingnet announced in March last year that Wang “resigned for personal reason.
Before the conviction of the company’s founder this month, Kingnet chief financial officer Chen Yongcong and the board’s former supervisor Lin Bin were arrested on charges of “violating faith to harm the interests of a listed company” last year,ns” and later “went missing for unclear reasons.”
At the meantime, Lin Qi, the chairman and chief executive of games publisher Yoozoo, died in a Shanghai hospital after having been poisoned on December,16
Although Wang and Lin’s case are not correlated, the Wang and Lin shares some similarity. Both of them are China’s Youngest Billionaires who born in 1980s and followed the similar path to debut their company on stock exchange.
Both Kingnet and Yoozoo have benefit from the gaming boom in 2010s and used “back door listing” to obtain a listing, back door listing is a process in which a shell acquired the unlisted company’s asset and morphs into a new commercial entity to become companies listed on a stock exchange.
Amid this boom in gaming, China’s stock market regulator banned takeovers of listed companies in 2016, stopping the back-door listings that had become so popular.
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