Life Sentence for China’s “Copper King”: What the He Jinbi Verdict Reveals

.

A Tycoon Falls

He Jinbi, 61, once ranked among the most powerful figures in China's metals trade. According to Bloomberg, a court in the western city of Xi'an convicted Maike Metals of contract fraud, bribery and other crimes last month. He received a life sentence as the company's founder and boss.

The court reportedly found that Maike's conduct put several Chinese banks at risk of losses above US$1 billion. Bloomberg's sources asked not to be named because the matter is politically sensitive. He has appealed.

.

A Verdict Behind Closed Doors

The written judgment has not been published. Neither He's family nor his lawyers responded to Bloomberg's calls and messages. That means the public cannot check the court's reasoning for itself.

This is typical of China's legal system, where trials of prominent figures often reach the public only through leaks. Readers should therefore treat the details as reported, not independently confirmed.

.

The Defense: "No Intent to Defraud"

According to the reports, He's lawyers argued that neither the company nor its founder ever meant to commit fraud. They pointed out that Maike had worked with banks for more than ten years and had regularly repaid its loans. Even when pandemic restrictions cut its cash flow, the company kept trying to pay.

The defense also argued that at least some of the banks' losses came from weak internal risk controls at the lenders themselves. The court's response to these arguments is unknown.

.

From 50,000 Yuan to a Quarter of China's Copper Imports

He founded Maike in Xi'an in 1993 with friends and a small loan of 50,000 yuan (roughly US$8,700 at the time). The company began with mechanical and electrical goods, then moved into scrap metal, copper wire and refined copper.

At its peak, Maike handled about one in four tons of copper imported into China. It acted as a link between big international traders and Chinese buyers during the commodity boom of the 2000s. It later invested in hotels and business centers as well.

According to The Standard, He and his wife ranked 1,221st on the 2022 Hurun Rich List, with an estimated fortune of 5 billion yuan.

.

Covid Lockdowns, Lost Contact, Bankruptcy

Maike's trouble began in 2022. Strict zero-Covid lockdowns, including a month-long shutdown in Xi'an, hurt trading and He's property investments. He publicly admitted that the company had asked for help with its liquidity problems.

Creditors then took legal action. In 2023, ING sued He in Hong Kong over about US$147 million in unpaid debt owed by a Maike trading arm. Maike asked a court for restructuring.

In October 2023, executives lost contact with He and were told police had taken him away for questioning. No reason was given. Maike filed for bankruptcy the following month.

.

Background: A Pattern Worth Watching

Bloomberg's 2022 profile noted that as the state became more dominant in China's economy, He focused on his hometown. He backed projects tied to Xi Jinping's Belt and Road Initiative. His fall shows how exposed even well-connected private entrepreneurs are in a system where the party-state controls banks, courts and information.

This is not an isolated case. Chinese courts have repeatedly handed life sentences to officials and business figures in Xi'an and elsewhere, usually after proceedings that outsiders cannot follow.

.

Outlook

The appeal will show whether the case gets any more public scrutiny. Many observers will watch whether the judgment is ever published, how the banks' alleged losses were calculated, and whether other Maike executives face charges.

For international traders and investors, the case is another reminder of the legal and political risks of doing business in China.

.

Sources

1. Bloomberg News, "Chinese Copper Titan He Jinbi Jailed for Life Over Maike Fraud" (26 Oct 2026): https://www.bloomberg.com/news/articles/2026-10-26/chinese-copper-titan-he-jinbi-jailed-for-life-over-maike-fraud
2. The Edge Malaysia (Bloomberg syndication), "Chinese copper titan He Jinbi jailed for life over Maike fraud": https://theedgemalaysia.com/node/823213
3. Mining.com (Bloomberg), "Chinese copper tycoon goes missing, believed to be detained by police" (Oct 2023): https://www.mining.com/web/chinese-copper-tycoon-goes-missing-believed-to-be-detained-by-police/
4. Fortune (Bloomberg), "China copper tycoon He Jinbi, Maike Metals, zero-Covid crisis" (Sep 2022): https://fortune.com/2022/09/18/china-copper-tycoon-he-jinbi-maike-metals-zero-covid-crisis
5. The Standard (Hong Kong), "Chinese copper tycoon He Jinbi gets life sentence for fraud, Bloomberg reports": https://www.thestandard.com.hk/finance/article/346516/
6. Expert.ru, report on the verdict (September ruling date): https://expert.ru/news/v-kitae-milliardera-prigovorili-k-pozhiznennomu-sroku-za-vzyatki

.