# 180 Million Leverages 500 Billion! China's Most Mysterious "Mining King" Emerges

He never appears in the public eye, yet legends about him persist in the industry.

He never shows his face. You've probably never heard his name, and it's virtually impossible to find a clear photo of him online.

He refuses interviews, holds no position at any listed company, and even missed the bell-ringing ceremonies for his own company's two IPOs.

He is Yu Yong, the helm of Hongshang Group—a "shadow magnate" with a net worth approaching 100 billion yuan, yet nearly impossible to find a public photograph of.

From an ordinary worker in Dalian's Wafangdian, to today's "shadow mining king" controlling one-third of the world's cobalt resources and nearly one-tenth of copper resources, Yu Yong has orchestrated an extreme capital hunt over 20 years.

How did he rise from paper mill worker to mining tycoon?

Yu Yong's story began in 2004 with what seemed like an impossible bidding victory.

At the time, state-owned Luoyang Molybdenum, located in Henan, was in deep trouble. Molybdenum prices had crashed, half of its 6,000 workers were laid off, and the company couldn't even pay 400 yuan salaries. To save itself, the local government decided on a restructuring. News spread quickly, and industry titans like Guo Guangchang of Fosun Group and Chen Jinghe of Zijin Mining mobilized, all wanting to devour this "Asia's number one molybdenum mine."

Yet the ultimate winner was an unknown Shanghai small company—Hongshang Group—and its obscure boss behind it, Yu Yong.

How did he win? Not with more money, but with "strategy." While everyone else scrambled for controlling stakes, Yu Yong made an irresistible offer to the government: "I don't want controlling rights." Ultimately, he acquired 49% equity of Luoyang Molybdenum for 178 million yuan.

This was later called a "divine bargain hunt." In the second year after restructuring, Luoyang Molybdenum turned profitable with profits surging to 280 million; by its 2007 IPO, Hong Kong tycoons like Li Ka-shing and Henry Cheng competed to subscribe. An investment of less than 200 million instantly transformed into a capital empire worth hundreds of billions.

Yet Yu Yong remained hidden. He had his younger brother Yu Bo attend the IPO ceremony while he, like a patient leopard, lurked behind the scenes for an entire decade until 2014, when he increased holdings through the secondary market to become the true controlling shareholder.

Stunning Gamble: While "Corpses" Piled Up, He Frantically "Swept Up" Assets

If it were merely a "bargain hunt," Yu Yong might just be a lucky man. What truly elevated him to legendary status was the stunning gamble from 2012 to 2018.

During those years, global commodities entered a prolonged bear market. Copper prices crashed from a high of $8,700 to over $4,000, global mining giants were in distress, and companies like Anglo American and Glencore were "cutting losses" and selling assets.

When others were fearful, Yu Yong became greedy.

He led newly-funded Luoyang Molybdenum in a global "asset sweep":
· 2013: Spent $820 million to acquire Australia's NPM copper-gold mine;
· 2016: Executed two consecutive "snake swallowing elephant" deals: first acquiring Brazil's niobium-phosphate mine for $1.5 billion, then immediately grabbing Congo (DRC)'s TFM copper-cobalt mine for $2.65 billion—one of the world's largest and highest-grade copper-cobalt mines.

Everyone thought he was crazy, spending hundreds of billions on "scrap metal." But Yu Yong saw the future: copper is the brain of electric vehicles (motor windings), cobalt is the heart (battery cathode). He was betting on the new energy era's arrival.

He won the bet. As new energy vehicles exploded, copper and cobalt prices soared. Luoyang Molybdenum became the world's largest cobalt producer and global top-ten copper producer, with market capitalization approaching 500 billion yuan.

More Than a Miner: Zeng Yuquan's "Benefactor" and Billion-Yuan Returns

Yu Yong's foresight extends beyond mining. He understood that selling ore alone earns cyclical returns—for stability, one must embed oneself in the industry chain.

His most classic move was investing in CATL. As early as 2016, when CATL hadn't truly taken off and hadn't even gone public, Yu Yong's Hongshang system entered at an extremely low price, becoming an early investor of Zeng Yuquan.

After CATL's IPO and market value surge, Yu Yong's investment returns exceeded 4 billion yuan! But this investment brought not just paper wealth—more importantly, strategic alliance.

In 2022, CATL became the second-largest shareholder of Luoyang Molybdenum in reverse. Yu Yong and Zeng Yuquan joined forces—one providing stable raw materials, one locking down massive downstream markets, even jointly developing lithium mines in Bolivia. This "mining-plus-battery" vertical closed loop gave them stronger pricing power and risk resistance in the global new energy industry chain.

The Hidden Businessman's Other Side: Controversy and "Cost Slashing"

Yu Yong's low profile isn't without reason. His commercial empire has occasionally been tainted with gray areas.

Early on, his business partners involved the once-powerful "De Long system"; in 2019, his company was exposed in a bribery case involving paying 300,000 yuan to the secretary of a former deputy finance minister, bringing him into public view.

Beyond capital operations, Yu Yong recently began "delegating power." In 2025, he brought in professional managers from Zijin Mining, Huawei, and ENN Energy, even recruiting manufacturing experts skilled in "cost slashing" to pursue efficiency gains.

Just this past December 2025, while others were digesting copper price fluctuations, Yu Yong struck again—spending 7.1 billion yuan to snatch four operating gold mines in Brazil, while previously spending 3 billion acquiring Ecuador gold mines. With gold prices commanding premium valuations, he's begun another strategic layout.

When asked about his success secrets, he perhaps only offers a faint smile. After all, how could someone unwilling to attend his own company's bell-ringing ceremonies care about worldly noise?

He simply quietly grasps the lifeline of global new energy.