When the International Table Tennis Federation created World Table Tennis in March 2019, it promised the 227 member associations that the new commercial arm would finally cash in on table tennis's popularity, generate revenue and spur the development of the sport globally.
Seven years down the line, the money is real but has failed to trickle down to the very sport it was meant to grow and develop. Mail &Guardian investigations established that the answer runs through a network of 18 companies spanning Singapore, Beijing, Hong Kong, Hainan, California, the Cayman Islands, the British Virgin Islands and Paris, with overlapping directors and shareholders.
At the centre of this maze is Lei Zhenjian, a Chinese businessman unknown to international table tennis until his name began surfacing in corporate filings. He now sits on the WTT Board and holds directorships in at least four entities inside the network.
The documents examined include corporate filings, ITTF financial statements, board minutes and Chinese government disclosures. They raise questions about ownership of WTT's intellectual property, the structure of its first outside investment, allocation of tournament rights and the financial relationship between WTT and companies connected to its commercial operations.
In 2020, Liu Guoliang, one of China's most celebrated table tennis figures, became chairman of the WTT Council while simultaneously serving as president of the Chinese Table Tennis Association. It was during his reign that Lei Zhenjian emerged prominently in WTT's Chinese operations.
Investigations established that a succession of companies was linked to WTT activities, with the most prominent and concerning being WTT China.
According to corporate records, the Chinese company operating WTT activities in the Chinese market is 80% owned by Hainan Jiujia Sports Co. Ltd, linked to Lei. Subsequently, the World Table Tennis Federation trademark was registered to a Chinese company rather than directly to the ITTF or WTT.
The revelation strikes at the heart of governance and control of the commercial assets created in the name of world table tennis. For almost a year, WTT did not publicly identify its first outside investor. However, at the July 2023 ITTF AGM, members were told that an investor had acquired 15% of WTT, but the investor's identity was initially withheld from members on privacy grounds.
Documents show that member associations later identified the investor as World Sports. While the corporate records are a maze, the financial structure is striking.
ITTF's 2022 consolidated accounts recorded a US$12.1 million net investment involving WTT and a service provider for coaching and high-performance development facilities.
WTT subsequently increased its paid-up share capital through the capitalisation of debt into equity. In effect, an existing claim against WTT was converted into shares.
The result was a 15% ownership stake without an equivalent cash injection into WTT's bank account. The move raises questions about valuation, due diligence and the process through which the transaction was approved.
Price Waterhouse and Coopers' (PwC's) 2025 ITTF consolidated financial statements revealed a sharp deterioration in the federation's finances. For the year ended 31 December 2025, the ITTF Group recorded a US$14.4 million net loss, compared with a US$1.5 million net profit in 2024. However, the current liabilities exceeded current assets by approximately US$20.2 million.
Against this backdrop, World Sports provided additional funding, including approximately US$9.2 million in cash, while a further agreement contemplated the transfer of an additional 10% stake in WTT for approximately US$12.1 million. This would effectively increase World Sports' shares to 25%, making it a major shareholder at the point when WTT was experiencing significant financial pressure.
Financial disclosures surrounding WTT events provide another window into the machinations surrounding attempts to profit from World Table Tennis.
A 2023 WTT Contender tournament in Taiyuan, China, was supported by approximately RMB8.15 million in public funds. According to the Taiyuan Sports Bureau disclosure, approximately RMB5.02 million went towards the application fee for hosting the tournament, with additional money covering event coordination, accommodation, meals and travel.
It turns out that WTT's hosting revenue was approximately RMB5 million, with the prize money being RMB550,000. Despite the funding, the event went ahead and recorded losses.
The Taiyuan authorities themselves noted deficiencies in procurement explanations and project contract management. The figures raise a broader question: if host governments provide substantial public funding to stage tournaments, how much of the resulting commercial value remains with the host, federation, players and development programmes?
The investigation also established a succession of companies associated with WTT and Asian table tennis. Asia Table Tennis Pte. Ltd., incorporated in Singapore in 2022, has had Lei Zhenjian among its directors. Its ownership subsequently moved through companies registered in California, the Cayman Islands and the British Virgin Islands.
Another company, World Table Tennis Management Group, was established in California by Lei Zhenjian. Its registered address has been associated with a virtual mailbox.
The existence of companies across multiple jurisdictions is not, by itself, evidence of wrongdoing. International sports organisations routinely use complex corporate structures.
But when the same individuals appear across entities responsible for investment, tournament rights, ownership and commercial operations, transparency becomes critical.
One of the most striking examples concerns the ITTF World Cups. Minutes of an ITTF Executive Board meeting in May 2023 record a decision to remove World Cup licensing from WTT so the tournaments could be managed differently.
On the same day, corporate records show that ITTF World Cup (Hong Kong) Limited was incorporated.
Subsequent commercial arrangements involving World Cup events and Asia Table Tennis have raised questions about rights allocation and whether appropriate competitive processes were followed. The issue raises critical questions about the governance structure as the financial picture became more complicated in 2025.
The ITTF Group reported US$71.1 million in revenue against expenditure of US$85.5 million, declaring the US$14.4 million loss. The organisation's current liabilities exceeded current assets by US$20.2 million.
World Sports subsequently provided emergency financial support while securing an additional interest in WTT. That arrangement may have resolved a liquidity problem, but it did not resolve the underlying profitability challenge.
Indeed, the investor's increased ownership means that the financial rescue came at the cost of transferring a larger share of WTT to a private shareholder.
The timing is significant and warrants scrutiny by the ITTF's member associations.
The documents shared by the whistleblower were shared by ITTF, which has not acted on them.
According to Secretary General Stefan Bergh, Honorary President Adham Sharara said he shared the documents with President Petra Sörling and Executive Vice President Virginia Sung on 19 August.
He states that on 20 August, Sörling approached PwC, the ITTF's external auditor, to conduct an external review. On 24 August, Sharara circulated the material to the Executive Board. As a result, the Board has established a taskforce to handle the issue.
The ITTF says the material contains serious assertions about named individuals and entities that have not been substantiated.
The federation also criticised the whistleblower, arguing that established investigation and integrity procedures should be used.
The issue is no longer simply whether WTT has generated commercial growth; it is whether that growth has been accompanied by sufficient transparency, accountability and benefit to the sport's membership.
Although none of these questions, individually, establishes criminal conduct, collectively they point to a governance challenge that cannot be resolved by public relations alone. The ITTF has now chosen an external review by PwC. However, the real test will come when the review is complete.
The 227 member associations would need ownership disclosures, transaction records, independent valuations and a clear explanation of where the money generated by world table tennis ultimately goes. The game may be played on a table. The questions surrounding its commercial future are considerably bigger.