Wang Yue was celebrated four years ago by people like Forbes as one of the ‘youngest billionaires in the world’. At the age of 32, he had the world at his feet as the head of the gaming giant Shanghai Kingnet technology, also known as Shanghai Kaiying Network Technology or just Kaiying Network – a company that he built from scratch in 2008.
In 2018, Chinese business was holding its breath expectantly when it announced that the company was making a leap towards the blockchain technology sector.
Just two years later, the Kaiying Network blockchain dream is shattered – and the company says the blockchain has turned its back on bars, probably for good, with Wang behind bars.
The fall of the company’s blockchain was spectacular.
Just a few months ago, the Shenzhen Stock Exchange was still posting Kaiying on its Blockchain 50 Index, alongside corporate heavyweights such as Ping An.
Wang Yue’s blockchain plans sounded grand at the time and centered around a content sharing platform that caught the attention of media giants like Xinhua. But, per a Bi Shi Jie report last year, Wang Yue was already in serious financial difficulties when he made the announcement.
Stock prices plummeted in 2018 and his own finances had suffered the worst, with stock prices dropping as much as 90%.
The blockchain platform was Wang Yue’s last roll of the dice, although few people know it at the time. When interest in the platform rapidly declined over the course of 2018, possibly coinciding with falling crypto prices, Wang Yue panicked.
In early 2019, rumors of shameful trades started to emerge behind the scenes, and he completely fell off the radar, even the company he founded and still couldn’t reach more than 20% of him. He was removed as CEO and “ no longer held a position in the company ” in May last year, according to an official statement.
Days later, like told by KR Asia, he was tracked down by the Shanghai police and arrested on suspicion of securities market manipulation, with a court freezing his shares.
The company was reshuffled in December last year when it lost a copyright infringement lawsuit from the South Korean gaming giant We made (currently looking to move himself as a big blockchain player). As indicated by Chosun, Kaiying was ordered to pay $ 3.4 million in damages and more than $ 34,000 in damages.
The Chinese company’s blockchain plans have been de facto in limbo ever since, but JRJ reports that during a recent investor relations call from Kaiying Network, it seems to have finally drawn the line under its once-great blockchain plans.
An investor asked:
“Has Kaiying completely withdrawn from the blockchain business?”
The company replied that it was now focusing on its core gaming business, “after exploring blockchain and other fields,” adding that there are currently “no more” blockchain investments on the way.