Mohamed Salah scored twice for Liverpool, but that was scant consolation as Liverpool became the first reigning champion to concede seven goals since 1953.
Outscoring its opponent 28-14 after the first quarter, Jiangsu was never really challenged by Shaanxi over the ensuing three quarters.
Shaanxi trailed for most of the game, but outscored Wuhan 23-18 in the last quarter to grab the morale-boosting win.
According to the circuit's management team, the number of visitors doubled compared with one week before, rising its daily income up to 6,000 yuan.
Falcao, 34, has found his scoring touch for Galatasaray with three goals from the opening three rounds of the Turkish Super Lig.
The world No. 4, and two-time finalist at Roland Garros in 2018 and 2019, reached the fourth round in Paris for the five consecutive years.
Jiangsu took to attacking the basket from the paint early on, before going up 20-9 on a 14-0 surge.
"They're the best team in the league, and proved it today," said Shandong coach Luka Sjekloca.
Despite three losses in a row coming into the season, Wuhan coach Li Xin expressed her satisfaction in some respects.
In eight games played in front of the empty stands of the Reale Arena, 'La Real' has suffered four defeats and its only win was against relegated Espanyol. Down the road in Bilbao, Athletic Club - another side that is usually tough to beat at home - has lost its last four home games. It certainly looks as if the teams with the most passionate home fans are the ones who are missing them most.
The arrival of the national quartet of Li, Yang Liwei, Huang Sijing and Li Yuan meant Inner Mongolia, playing in the WCBA for the second year, emerged as a rising powerhouse.