In 2010, he registered and established a subsidiary, Bidwen Holding Group Co., Ltd., which is the controlling shareholder of Levdeo.
[citation needed] The company's production base in Mianyang was originally scheduled to be completed in August 2022, but the project was delayed due to the COVID-19 epidemic and the continued high temperatures in China in 2022.
[citation needed] On November 21 of the same year, Levdeo completed its Series A financing with a total financing amount of 3.2 billion yuan, led by Weifang Weicheng Western Investment Development Group, and followed by state-owned capital, industry and private capital from Shandong Province and cities.
[7] According to media reports, Li Guoxin had a close relationship with Wang Shuhua, former vice mayor of Weifang and secretary of the Changle County Party Committee.
In December of the same year, Li Guoxin resigned from all positions in the parent company Bidwin.
[7] On January 14, 2023, Li Guoxin published an article on the WeChat official account of Levdeo, reporting the Changle County Party Secretary Wang Xiao [zh] by real name, accusing Wang Xiao of forcing Levdeo to falsely report its output value of 4.683 billion yuan in order to highlight local political achievements since March 2022.
[7] On July 25, 2023, the Shandong Provincial and Municipal Joint Investigation Team reported the relevant situation, pointing out that because the Changle County Government's continued financing support for the enterprise "did not comply with relevant national and provincial and municipal regulations", the government did not apply after comprehensive analysis, and after investigation it was found to be in compliance with regulations.
The investigation determined that the Changle County Industry and Information Technology Bureau and the Zhuliu Street Office where Levdeo is located had interfered with statistical data.
Regarding the issue of Wang Xiao, secretary of the Changle County Party Committee, forcing enterprises to falsify statistical data, the whistleblower was unable to provide evidence after questioning.