![]() ![]() In 2011, the China Development Bank also granted Beijing Xinwei a 12 billion yuan ($1.92 billion) line of credit to support the company’s “going global” strategy. Five central government ministries, including the National Development and Reform Commission, the Ministry of Industry and Information Technology and the Ministry of Finance, jointly designated the company a key software enterprise for stat planning, giving it a preferential corporate income tax rate. KEY ENTERPRISE DESIGNATIONīeijing Xinwei is clearly well-regarded by the Chinese leadership. It continues to build public telecom networks, along with private networks for oilfields, power grids and transport. The company has gained vendor certifications from the General Armament Department of the People’s Liberation Army and the State Commission of Science and Technology, allowing it to sell equipment and services directly to the Chinese military and law enforcement. Since Wang’s arrival, Beijing Xinwei has made a sharp rebound. “I invested in Xinwei with my own money, without the help of friends or family,” he said. Wang initially helped Bonanza raise 130.8 million yuan to finance subscription of 120 million new shares, with 88 million shares later placed in his name. Wang said he was contacted by a friend, Wang Qinghui, who in 1999 became an early investor in the firm through his venture firm, Bonanza Investment Group Ltd.īonanza also had joined forces with State Grid Corp, China’s central government-controlled power grid operator, to invest in FibrLINK Communications Co, a networking solutions firm, with the aim of listing shares on the Hong Kong stock market. But by 2010, Beijing Xinwei was foundering, with reported revenue for the year of 133.8 million yuan ($21.56 million) and net profits of 3.27 million yuan ($526,900). ![]() The company helped develop China’s first homegrown wireless technologies, including the mobile communications standard, TD-SCDMA. entity set up by former Beijing Xinwei president Chen Wei. ![]() Wang’s key company, Beijing Xinwei, was started in 1995 as a joint venture between China Academy of Telecommunication Technology and Cwill Telecommunications, a U.S. BEIJING (Reuters) - Entrepreneur Wang Jing is little-known outside China, but the turnaround of his core telecoms business shows he is a well-connected figure among the Beijing elite. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |