few years ago, a Chinese company called HNA went on a global shopping spree. It bought U.S. hotels, office towers, airlines, even stakes in major banks. On paper, it looked like a rising corporate giant.
But when I began investigating as a reporter at The New York Times, I hit a wall: who actually owned HNA? The company’s explanations kept shifting. Corporate filings contradicted each other. Billions of dollars were moving through opaque networks, yet no one could say with confidence who controlled the firm.
That wasn’t just a mystery for journalists. It was a risk for regulators, investors, and governments who suddenly realized they couldn’t see the real power behind one of the world’s most aggressive dealmakers.
After my articles were published, some of the company’s top executives, including its co-founder, Chen Feng, were jailed on fraud and corruption charges, and the company was effectively seized by the state. Billions of dollars disappeared in the collapse.
HNA is just one example of a larger problem: in today’s global economy, we often don’t know who really owns or controls the companies that shape our lives.
Ownership can be hidden behind shell companies or offshore havens. Records are scattered and inconsistent. Private firms—which make up 99% of companies worldwide—reveal almost nothing about their investors or executives.
The consequences are real. Supply chains become vulnerable to forced labor or unsafe products. Sanctioned companies continue trading under new names. Fraud flourishes. Pension and venture capital funds unknowingly invest in firms tied to hostile governments. When corporate data is opaque, the public pays the price.
Tracking corporate ownership sounds simple: just look up the records. In reality, it’s one of the toughest challenges in business intelligence. Here are a few examples:
Even the biggest names in financial data haven’t fully solved these puzzles.
At WireScreen, the company I co-founded, we see these challenges as opportunities. By connecting fractured records, mapping hidden networks, and resolving identity confusion, across borders, we’re building tools to reveal how global corporate power actually works.
This isn’t just about data. It’s about creating transparency in the systems that shape our world—helping governments enforce laws fairly, helping businesses trade responsibly, and giving citizens confidence in the institutions they depend on.
The story of HNA showed how little we sometimes know about the companies reshaping economies. But it also showed why it matters to bring clarity.
When we shine a light on corporate networks, we make supply chains safer, markets fairer, and democracies stronger. What others see as impenetrable, we see as solvable. And solving it makes the world better for all of us.
A list of articles I wrote about HNA for The New York Times:
