Early Life and Career
Wang Yue's career began in the online and mobile gaming industry. In 2008, he founded Shanghai Kingnet Technology, which rapidly grew to become a leading online and mobile game developer in China. Kingnet also operated the popular mobile phone application platform, xy.com.
Rise to Success
Wang Yue's success was significantly marked by Kingnet's backdoor listing in China in December 2015. This move propelled him into the ranks of the world's youngest billionaires. He received 148.7 million new shares, or 22% of Shenzhen-listed footwear materials maker Taiya Shoes in exchange for his 29.7% stake in Kingnet. Wang's total holding in Taiya Shoes was worth 9 billion yuan, or $1.4 billion.
Controversies and Downfall
In March 2019, Wang Yue resigned from his position at Kingnet and subsequently went incommunicado. Later, it was revealed that he had been arrested by Shanghai police for suspicion of manipulating the securities market. In December 2020, Wang 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.