Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn 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 upending the market for nickel, a key ingredient in stainless steel and electric vehicle batteries, though usually with more success. Privately-owned Tsingshan has grown into a global industry leader that’s now at the center of a sprawling, vertically-integrated business empire. In turn, that has made Xiang’s family one of the most powerful in Zhejiang, the eastern province known for churning out many Chinese entrepreneurs. This week, The Wire takes a closer look at the Tsingshan buSubscribe or login to read the rest. Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.