Zhang Shiping may have won an epic victory against short-sellers, but the self-made billionaire faces a much more formidable player in the battle surrounding the world’s biggest aluminum producer: China’s President Xi Jinping.
China Hongqiao Group Ltd. resumed trading in Hong Kong on Monday, ending a seven-month hiatus during which Zhang contested a research report that questioned his group’s famously low costs. The aluminum giant’s shares jumped 77 percent this week, making up ground lost to industry peers that have benefited from rising metal prices. Among the buyers was Zhang himself.
