Hey n1_spindown I think I know you!....
Yes, its true, Wasinc screwed a bunch of us a while back. Stay away from them!
Flying in China for a Chinese company is both challenging and rewarding on some levels.
I'm on my second company in Mainland China getting ready for my third contract. As others have said here, the contract is usually not worth the paper its printed on especially when they (your recruiter or employer) has decided to end it. And also it is possible to get released by one company to work for another, but it is very rare and doesn't happen often (as in my case).
Good luck and feel free to PM me if you have any questions.