After fluctuations in the nickel market caused Xiang Guangda to lose $8 billion, we take a look at his other big bets.
Offices of Tsingshan Holding Group in Shanghai. Credit: Chen Yuyu/VCG via Getty Images
The price of nickel on the London Metals Exchange (LME) has been in disarray, causing a huge bet on falling prices made by Chinese tycoon Xiang Guangda late last year to backfire spectacularly. Prices more than doubled to over $100,000 a tonne last week, forcing the 145-year old exchange to stop trading in nickel contracts — with Xiang’s company Tsingshan Holding Group facing an $8 billion paper loss.
Xiang Guangda. Credit: QQ
Xiang, also known as ‘Big Shot,’ has a long history of
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