Ann: Ceasing to be a substantial holder, page-59

One source closed to TsingShan said Xiang understand nickel business and market very well and firmly believe Nickel price won’t stay too high given Indonesia only around usd10k/t, also said Xiang doesn’t care about geopolitical - I think this was his main mistake for not understanding the recent crazy trading activities like meme stocks/ GameStop etc.

However, LME suspended trading shows that TsingShan is too big to fail, they are giving TsingShan time to find the best way to resolve this. If physical is acceptable as hedge (with my limited knowledge in this regard) I’m sure TsingShan, as the largest private nickel producers in China, will be able to at least partially hedge with physical and loans. He knows the market and he knows what should be the reasonable short, medium and long term nickel price and TsingShan is a large production in the world. In fact, as all traders know this kind of vertical spike in price won’t be able to sustain for days. If you can hold, you will be fine but make sure you understand very very well, for a big bet like this.