He is the founder of the Tsingshan Holding Group, a metallurgical company primarily engaged in the manufacturing of stainless steel.

[1][2] He left his job at the state-owned firm in 1988 to become a full-time entrepreneur, raising the equivalent of around USD 100,000 from friends and relatives to fund their business.

[2] Although in the mid-2000s Tsingshan was one of several stainless steel manufacturers in Wenzhou, by 2021 it accounted for nearly one-fourth of the global output, being by far the largest in the industry.

[3] In the several months leading to March 2022, Xiang began taking a large short position in nickel through Tsingshan, in order to hedge against falling prices.

[10] Nickel prices later did fall, and Tsingshan's losses ended up at around USD 1 billion as Xiang closed his positions.