But the provenance of this Chinese investor remains a mystery.
He does share the name with a businessman who is the majority shareholder in a Hong Kong-listed company, E-Commodities Holdings, which trades in commodities, including coal and oil.
His private company, Winsway Resources, is registered in the British Virgin Islands.
In the ASX filing, Wang gives his address as the luxury Windsor Arch high-rise project in the Asian casino enclave, Macau.
Coincidentally, another significant shareholder in E-Commerce is PAG – a major Asian investment company that is the largest shareholder in troubled Australian airline Rex.
E-Commerce Resources has a market capitalisation of $560 million, which puts the value of Wang’s stake at around $280 million.
Star, led by chief executive Steve McCann, is in a desperate struggle to meet the conditions of a loan agreement which will give it access to $100 million.Credit: Dominic Lorrimer
For a sharemarket gambler, an investment in Star is the ultimate high-adrenaline bet.
The company is burning through cash at the rate of $35 million a month, which gives it about six weeks of funds left before emptying its piggy bank.
It is in a desperate struggle to meet the conditions of a loan agreement that will give it access to $100 million before March.
These conditions include raising at least $150 million in pricey subordinated capital and selling assets.
In a possible blow to these asset sale hopes, it has been reported that an Australian company that was lined up to buy the leasehold of the Treasury Hotel in Brisbane has pulled out in recent times.
The only positive element to Wang stalking Star is that he is prepared to place money on a bet that Star will survive. It was enough to breathe some life back into the share price, which has moved up from 10 cents to 14 cents since Wang’s shareholding was disclosed.
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Equity analysts are not so confident, with Morningstar analyst Angus Hewitt, in a note to investors, saying that at its current cash burn, the company would be lucky to make it to its interim results scheduled for February 28. “We now incorporate a 50 per cent probability that Star falls into administration, and equity holders are wiped out,” Hewitt said.
Other analysts have remained silent about Star since its financial update was delivered last week.
That said, if it retains the support of lenders, sells assets and survives, there could be an upside for investors.
Wang’s punt is a long shot but would make for a big payday.
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