rongsheng wang quotation

Happy Holidays from the Wang Lab! We concluded 2022 with some high school outreach -playing with the enzymes & fluorescent probes with students and answering questions related to STEM careers & college life including that. And finally today here is a holiday party!

Join us in welcoming Assistant Professor, Rongsheng (Ross) Wang, from Temple University for a seminar about "Interrogating Disease‐related Protein‐Protein Interactions with Fluorine‐Thiol Displacement Reactions (FTDRs)".

Zhang Y, Fang C,Wang RE, Wang Y, Guo H, Guo C, Zhao L, Li S, Li X, Schultz PG, Cao YJ, Wang F. Proc Natl Acad Sci U S A. 2019 Aug 6;116(32):15889-15894.

Wissler HL, Ehlerding EB, Lyu Z, Zhao Y, Zhang S, Eshraghi A, Buuh ZY, McGuth JC, Guan Y, Engle JW, Bartlett SJ, Voelz VA, Cai W,Wang RE. Mol Pharm. 2019 May 6;16(5):2028-2036.

HONG KONG, July 5 (Reuters) - China Rongsheng Heavy Industries Group, China’s largest private shipbuilder, appealed for financial help from the Chinese government and big shareholders on Friday after cutting its workforce and delaying payments to suppliers.

Hours after China Rongsheng made its appeal in a filing to the Hong Kong stock exchange, where the company is listed, Beijing vowed to bring about the orderly closure of some factories in industries plagued by overcapacity.

The statement by the State Council, or cabinet, laid out broad plans to ensure banks support the kind of economic rebalancing Beijing wants as it looks to focus more on high-end manufacturing. It did not mention any specific industries or companies and there was no suggestion it was referring to Rongsheng.

China Rongsheng said it was expecting a net loss for the six months that ended June 30 from a year earlier, according to the filing. It gave no figures.

Rongsheng shares plunged 16 percent to a record low in heavy turnover on Friday, leaving its market capitalisation at just under $1 billion. The Hang Seng Index climbed 1.9 percent. China Rongsheng is down 28.2 percent on the year.

In its filing, China Rongsheng said some workers had been made redundant, although it gave no numbers or timeframe for the losses. The company did not immediately respond to requests for more information.

China Rongsheng has said it won only two shipbuilding orders worth $55.6 million last year when its target was $1.8 billion worth of contracts. This year, it received orders to build two drilling rigs used in oil exploration, worth $360 million.

While the Chinese shipbuilding industry faced “unprecedented challenges”, China Rongsheng’s board was confident management could ease pressure on working capital in the near future and maintain normal operations, the company said in the filing.

According to its December 2012 annual report, issued on March 26, China Rongsheng’s cash and cash equivalents fell to 2.1 billion yuan from 6.3 billion yuan a year ago.

“The group is ... actively seeking financial support from the government and the substantial shareholders of the company, and increasing its efforts in negotiations with its customers to maximise the collection of receivables,” China Rongsheng said in the filing.

A note from Macquarie Equities research said the statement highlighted the “severity” of China Rongsheng’s liquidity problems, adding this was not necessarily representative of the wider sector.

It said other listed Chinese shipyards were not as leveraged as China Rongsheng. The loan from Zhang was a surprise, it said, showing how badly the company needed cash.

“Rongsheng will need to address the problems immediately to reassure the market,” said Martin Rowe, managing director of Clarkson Asia Limited, a global shipping services provider.

HONG KONG (Reuters) - Jiangsu Rongsheng Heavy Industries Co Ltd has appointed Morgan Stanleyand JP Morganto finalize plans for its long-awaited IPO in Hong Kong, aiming to raise up to $1.5 billion in the fourth quarter, sources told Reuters on Tuesday.

This is Rongsheng’s latest bid to go public after it failed to raise more than $2 billion from a planned IPO in Hong Kong in 2008, mainly as a result of the global financial crisis.

Rongsheng"s early main shareholders included an Asia investment arm of Goldman Sachs, U.S. hedge fund D.E. Shaw and New Horizon, a China fund founded by the son of Chinese Premier Wen Jiabao.

The three investors sold off their stakes in Rongsheng for a profit early this year, said the sources familiar with the situation. Representatives for the banks, funds and Rongsheng all declined to comment.

Rongsheng’s revived IPO plan comes at a challenging time. Smaller domestic rival, New Century Shipbuilding, slashed its Singapore IPO in half last week, planning to raise up to $560 million from the originally planned $1.24 billion due to weak market conditions.

Given uncertainty in the global shipbuilding business environment as well as growing concerns over a huge flow of fund-raising events in Hong Kong, investment bankers suggest the potential size for Rongsheng could be $1 billion to $1.5 billion, according to the sources.

Rongsheng is seeking to tap capital markets to fund fast growth and aims to catch up with bigger state-owned rivals such as Guangzhou Shipyard International Co Ltd.

Rongsheng won a $484 million deal to build four ships for Oman Shipping Co last year. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010.

Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) agreed to acquire Shanghai BroadMobi Communication Technology Co., Ltd from Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan, Lai Huayun, and other seller for approximately CNY 170 million on February 2, 2013. Yang Rongsheng is selling 7.02% stake, Wang Yong is selling 7.02% stake, Li Erdong is selling 7.02% stake, Li Guochao is selling 1.75% stake, Wang Shoushan is selling 1.32% stake and Lai Huayun is selling 0.87% stake. Jiangsu Wutong will issue up to 3.38 million A shares to Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan and Lai Huayun, to acquire a combined 25% stake and will also issue up to 7.72 million A shares and CNY 30 million to acquire remaining 75% stake from other seller. On February 2, 2013, Jiangsu Wutong Communications Co., Ltd."s Board of Directors and Supervisors approved the transaction. As on July 5, 2013, the China Securities Regulatory Commission approved the transaction.

Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) complete the acquisition of Shanghai BroadMobi Communication Technology Co., Ltd from Yang Rongsheng, Li Erdong, Wang Yong, Li Guochao, Wang Shoushan, Lai Huayun, and other seller on September 5, 2013.