Billionaire Game Developer Jailed for Five Years for Securities Fraud

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: TCL Tech to Buy Back Panel Unit Stake for $1.3 Billion; Robot Startup Galaxea AI Raises $291 Million; ByteDance’s Volcengine Powers AI Growth with OpenClaw Partnership

LATEST: Alibaba Releases Qwen 3.6-Plus AI Model With Enhanced Coding Capabilities; ByteDance’s Volcengine Powers AI Growth with OpenClaw Partnership; Robot Startup Galaxea AI Raises $291 Million; TCL Tech to Buy Back Panel Unit Stake for $1.3 Billion; CAS Space Seeks IPO as China’s Reusable Rocket Race Heats Up; U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters; Optical Interconnect Maker Lightelligence Files for Hong Kong IPO; CAS Space Launches Reusable Rocket in China’s Satellite Push; DeepSeek Goes Out for 10 Hours Amid China’s AI Demand Surge; OpenClaw Craze Is Driving Next Phase of AI Development, Insiders Say; China, South Korea Robotics Firms Explore Embodied AI Cooperation; Analysis: Meta’s Manus Deal Faces Scrutiny in China Over Tech Exports, Antitrust Concerns; Chinese GPU Maker MetaX Doubles Revenue Amid Push for Domestic Chips; Kuaishou Ramps Up AI Commercialization as Kling Revenue Hits $150 Million; Alibaba Launches AI Agent for Small Businesses With International Ambitions; China Telecom to Boost AI Spending Amid Capex Cut and Slowing Growth; Siemens Unveils 26 China-Made Products in Industrial AI Push; Alibaba’s Qwen Launches AI Ride-Hailing Feature to Rival Didi; AI Agents to Reshape Global White-Collar Economy, Alibaba Chairman Says; China Opens First National Testing Center for Flying Cars

Anniek Bao / Dec 29, 2020 03:32 PM / Business & Tech

The founder of Chinese game developer Shanghai Kingnet Network Co. Ltd. has been jailed for stock manipulation in the second scandal to rock the gaming industry in a week.

Wang Yue, who became one of the world’s youngest billionaires in 2016, was sentenced to five years and six months in prison and fined 10 million yuan ($1.5 million) by Shanghai No.1 Intermediate People’s Court for manipulating securities markets, the company said in a filing to the Shenzhen stock regulator Saturday.

The conviction comes after Kingnet announced in March last year that Wang “resigned for personal reasons” and later “went missing for unclear reasons.” Three months later, the company announced that he had been arrested by Shanghai police and his Kingnet assets frozen.

Read the full story on Caixin Global.

Contact editor Heather Mowbray (heather mowbray@caixin.com)

Share this article

Open WeChat and scan the QR code