The actual controller of Qingshan Holding Group, Xiang Everbright, carried out short selling of nickel in late 2022 and early 2022. Mainly to hedge risks, on the other hand, it is based on the judgment that Qingshan Group's substantial increase in production will lower the nickel price. In March, 2022, due to the pressure from rivals, Castle Peak Holdings caused the nickel futures price of London Metal Exchange (LME) to soar by 248% in two days, setting a historical record. This makes Qingshan Holdings face a huge loss risk.
Qingshan Holdings reached a silent agreement with the syndicate of creditors of the futures bank, gradually reducing short positions, and finally successfully weathered the crisis.