Chinese Lithium Billionaire Jiang Weiping Steps Down After Big Losses

Jiang Weiping, founder of Chinese lithium giant Tianqi Lithium, stepped down as the company's chairman on Monday to let his daughter take over, according to a filing with the Hong Kong Stock Exchange. The younger Jiang is now tasked with turning around the Chengdu-based Tianqi Lithium, which was founded by her father in 2003. Tianqi Lithium has been through several boom-and-bust cycles. Lithium prices have tumbled to about $13,200 per tonne this year from an average of $68,000 in 2022, partly due to slowing demand for electric vehicles in China. In the first three months of 2024, Tianqi Lithium, which is listed in both Hong Kong and Shenzhen, posted a loss of 3.9 billion yuan, compared to a net profit of 4.9 billion yuan from the same period a year earlier. The company cited a "Substantial decline" in the average sales price of its lithium products. Jiang's wealth, which is based on a stake in the company, has tumbled to $3.1 billion from $6.4 billion in 2022, when lithium prices were at record highs, according to Forbes estimates.