The Trend Magazine, which is based in Hong Kong, published a commentary in its May issue to discuss the argot of the "Iron Hat King." "The Chinese Communist Party (CCP) likes to play political games by using argot to criticize someone without disclosing his name." The Chinese media have stated that there is no "Iron Hat King" in the anticorruption campaign [a king whose descendants would always enjoy the royal king title], which translates to mean that top officials will always be subject to corruption charges.
The article suggested that Jiang Zemin (the "core" of the CCP’s third generation of leaders, who was installed by Deng Xiaoping after the Tiananmen Square Massacre) is the "Iron Hat King." He has built up his clique, with Zeng Qinghong (the "Qing Prince") to control the Party’s affairs, Bo Xilai as the crown prince, Guo Boxiong and Xu Caihou to cover the military, and Zhou Yongkang to oversee the police. However, his (Jiang’s) secret was exposed when Wang Lijun came to the U.S. Consulate in 2012. Now the new leaders’ large-scale anticorruption campaign has trapped him in Shanghai, where he can barely survive.
The article further suggested that the CCP’s first three top leaders all had their "two legacies" [to preserve]. Mao Zedong’s legacies were the taking-over of China from the Kuomintang and the Cultural Revolution. Deng Xiaoping’s were the economic reform and the crackdown on the June 4th movement. Jiang has also worried about two things: The June 4th democratic movement can never be redressed and the suppression of Falun Gong cannot be stopped. "This big tiger is very clear: if the Party stops bearing those criminal actions for him, he will die badly."
Source: Cheng Ming Online