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Cover Story: The Rise and Fall of China’s ‘Fentanyl King’ in Corruption-Fueled Bankruptcy

By Wang Juanjuan and Denise Jia
2025年06月30日 06:05
Dangdai founder Ai Luming vows rebound as empire leaves investors, creditors underwater

In January, months before a court would approve the bankruptcy restructuring of his company, Ai Luming, 68, gathered his old friends and partners — the same men who helped him turn 2,000 yuan ($279) and a urine collection business into a billion-dollar conglomerate — for a private dinner. He raised a glass and spoke with a broken voice.

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