Core Insights - The article narrates the rise and fall of Jiang Quanlong, once a billionaire known as the "King of Rare Earths" in China, who has now become a debtor due to gambling and his son's extravagant lifestyle [1][13]. Group 1: Background and Rise - In the 1980s, Jiang Quanlong capitalized on the opportunity in the rare earth industry after the introduction of advanced extraction technology, leading to the establishment of several successful companies [2][4]. - By 1999, Jiang's company was listed in Hong Kong as "China Rare Earth Holdings Limited," achieving sales of 600 million yuan in its first year [4]. Group 2: Decline and Challenges - Starting in 2007, Jiang's company faced continuous losses due to increased government regulation on rare earth mining, leading to a decline in his fortune [4]. - Jiang accumulated significant gambling debts, totaling 1.29 billion HKD within a year, and has failed to repay 1.08 billion HKD [7][10]. Group 3: Family Dynamics and Impact - Jiang's son, Jiang Xin, led a lavish lifestyle, including a 410,000 yuan dinner, and attempted to enter the esports industry but ultimately failed [6][10]. - The family's financial troubles culminated in complaints regarding asset misappropriation and over 200 million yuan in overdue debts [10][13].