For now, the government can continue to give preference to state-owned enterprises that want to go public. But it seems clear that the future belongs to private entrepreneurs like Jiang and the jobs created by them. Jiang insists the millions haven't changed his lifestyle. Our lifestyles have remained the same - it's that simple. Annie To Siumiu, formerly with a competitor but now deputy general manager for Jiang, says her boss has been successful because he plows profits back into the company.
Many Chinese entrepreneurs earn money and buy big houses and cars and get fat.
On the surface, it is not the kind of corporate story that will entice investors. A typical Chinese factory with old equipment and local management. Proceeds from the listing will help the company to not only upgrade its machinery but also increase its annual production of rare earth compounds from 3,550 tons to 4,900 tons. At the higher level, the company would be one of the world's leading rare earth producers. Globally, there are only two major firms still engaged in rare earth smelting and separation, Rhodia of France and Nippon Yttrium in Japan.