Do you realize that multiple insiders, including anying huang and fidler (fidler's son) own common shares? Many, many common shares.
Why would they continue to participate (especially fiddler), if wang plans to liquidate his preferred shares?
Perhaps Wang and Co plan to hold onto a majority or all preferred shares, and disperse them accordingly as new companies are added to the HOLDING company!
There are many avenues, some good, some bad, but if they plan to just liquidate and crush current shareholders, they would have done it long ago with a major PR and conversion.