![]() This account of He’s rise to the pinnacle of China’s commodities industry is based on interviews with business associates, rivals and bankers, many of whom asked not to be named because of the sensitivity of the situation.Ī spokesperson for Maike declined to comment on this story, but said in response to earlier questions from Bloomberg on Sept. “He has skillfully ridden the dynamics of the Chinese economy, but no one was prepared for the Covid lockdowns.” “In some ways Maike’s story is the story of modern China,” said David Lilley, who started dealing with Maike in the 1990s, first as a trader at MG Plc and later as co-founder of trading house and hedge fund Red Kite. With his wide network of contacts giving enviable insight into China’s factories and building sites, He has been a poster child for China’s commodity-fueled boom over two decades - making a fortune from its ravenous demand for raw materials and then plunging it into the red-hot property market. The ripple effects could be felt across the world: the company handles a million tons a year - a quarter of China’s refined copper imports - making it the largest player in the most important global trade route for the metal, and a major trader on the London Metal Exchange. Now Maike is suffering a liquidity crisis, and He’s empire is under threat. ![]() through the rough-and-tumble rush for commodities in the early 2000s, to become a key conduit between China’s industrial heartlands and global merchants like Glencore Plc. (Bloomberg) - From a start guarding trains full of metal from thieves on freezing winter nights, He Jinbi built a copper trading house so powerful that it handles one of every four tons imported into China.Ī born trader with an infectious sense of humor, the 57-year-old grew Maike Metals International Ltd.
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