Chinese Investor Behind Nicaragua Canal Is a Billionaire

The Chinese investor behind a $40 billion project to cut a canal through Nicaragua owns a $1.1 billion stake in the telecommunications company that he runs, according to data compiled by the Bloomberg Billionaires Index.

Wang Jing, 40, is the chairman and biggest shareholder of Beijing Xinwei Telecom Technology Co., holding a 37 percent stake as of May 23, according to government filings. State-owned Datang Telecom Technology & Industry Holdings Co. offered to sell a 0.858 percent stake in Xinwei for 158.4 million yuan ($25.8 million), according to a Sept. 28, 2012, notice. That values the entire company at $2.95 billion.