China’s Copper Tycoon is facing the consequences of being under the rulership of an increasingly authoritarian leader such as Chairman Xi. The once darling of the Chinese economic miracle, He Jinbi, faces a cash flow problem that could bankrupt the massive copper trading Empire he created through Maike Metals International LTD
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Tycoon Running a Quarter of China’s Copper Trade Is on the Ropes – Bloomberg – www.bloomberg.com
Excerpt:
….this year, Beijing’s restrictive Covid Zero policies have hit both the property market and the copper price hard. After months of rumors, He admitted publicly last month that Maike had asked for help to resolve liquidity issues.
He said the problems are temporary and affected only a small part of his business, but his trading counterparties and creditors are being cautious. Some Chinese domestic traders have suspended new deals, while one of the company’s longest-standing lenders, ICBC Standard Bank Plc, was concerned enough that it moved some copper out of China that had been backing its lending to Maike.
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