“稀土大王”倒在了2亿债务上

Core Viewpoint - The article discusses the dramatic downfall of Jiang Quanlong, the founder of China Rare Earth Holdings Limited, highlighting his transition from a successful entrepreneur to a figure embroiled in debt and controversy, ultimately leading to his removal from the company [2][3][26]. Group 1: Company Background - China Rare Earth Holdings Limited, once a prominent player in the rare earth sector, is currently suspended from trading and missed the recent market surge [2]. - The company was founded by Jiang Quanlong, who became a billionaire through the rare earth industry and was once celebrated as a "rare earth king" [2][9]. - Jiang's company was the first private rare earth and refractory materials producer to be listed on the Hong Kong Stock Exchange in 1999 [9]. Group 2: Financial Performance - The company faced significant financial struggles, reporting a net loss of 1.05 billion HKD in 2024, despite a 10.29% increase in total revenue to 757 million HKD [17]. - From 2012 to 2018, the company experienced seven consecutive years of losses, with a notable loss of 576,000 HKD in 2017 [10][11]. Group 3: Leadership Issues - Jiang Quanlong was found to owe over 200 million RMB in personal debts, leading to his removal from the board by the company [2][22]. - The company has faced internal issues, including reports of asset problems and legal troubles involving subsidiaries [22]. Group 4: Market Context - The rare earth sector saw a significant surge starting in June 2023, with stocks like Jinli Permanent Magnet rising over 40% [18][19]. - China Rare Earth's stock price briefly increased from approximately 0.4 HKD to 0.91 HKD during this market rally before the suspension [19]. Group 5: Capital Maneuvering - Jiang has reportedly structured his assets through overseas companies and family trusts, potentially shielding his wealth from the company's liabilities [22][23]. - The largest shareholder of China Rare Earth is YY Holdings Limited, which is linked to Jiang's family, indicating a complex ownership structure [23][24].