rongsheng wang manufacturer

Rongsheng Petro Chemical Co, Ltd. specialises in the production and marketing of petrochemical and chemical fibres. Products include PTA yarns, fully drawn polyester yarns (FDY), pre-oriented polyester yarns (POY), polyester textured drawn yarns (DTY), polyester filaments and polyethylene terephthalate (PET) slivers.

5.Feng Wang, Rongsheng E. Wang, Ying Wang, Peter G Schultz, "Kv1.3 channel blocking antibodies and uses thereof", US 62/360,9214.Yie-Hwa Chang, Ling Tian, Rongsheng E. Wang, “Compositions and methods for selecting aptamers”, WO 2013016280; PCT/US2012/047840

3. Tomasz Heyduk, Ling Tian, Rongsheng E. Wang, Yie-Hwa Chang, “Three-component biosensors for detecting macromolecules and other analytes”, US20140248710

1. Tomasz Heyduk, Ewa Heyduk, Eric Knoll, Ling Tian, Rongsheng E. Wang, Yie-Hwa Chang, “Biosensors for detecting macromolecules and other analytes”, US 14/623,348

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

“The shipbuilding business is cyclical because it is affected by international trade and shipping demand,” said Sean Wang, CFO of China Rongsheng Heavy Industries Group, one of mainland China’s largest shipbuilders. His firm has been more successful than most, emerging as the largest non state-owned shipbuilding company in terms of total order book, measured by deadweight tonnage (DWT), in mainland China today.

China Rongsheng’s story spans its entry into shipbuilding six years ago, its expansion into heavy machinery and finally listing in Hong Kong last year. The Jiangsu-based heavy industry group has become China’s second largest shipbuilder after state-owned Guangzhou Shipyard International. “China Rongsheng is a product of the growth of China’s economy and it is the only country where we are able to become a major player in the heavy industry sector globally,” Wang explained.

One way to stay on top is through careful financial oversight. “The key to controlling our costs is to control the raw material cost and to manage the currency fluctuation between the renminbi and US dollar, because it can sometimes take two or more years to execute our shipbuilding contracts [with overseas clients] before we receive full payment,” said Wang.

According to Wang, who joined the company as CFO in June last year and was also appointed executive director four months later, shipbuilding and offshore manufacturing share the same facilities and processing technology. It was therefore a natural business area for the company to expand into.

In order to counter the shipbuilding business cycle, China Rongsheng also began focusing on its engineering machinery business line in 2010, which now plays an important role in the company’s growth. It started building small and mid-sized excavators for construction and mining, a segment that had a compound annual growth of more than 20% during the past ten years. Wang expects this rate to continue for at least the next five years. Moreover, the excavator market in China is highly fragmented and has no clear leader leaving plenty of scope for the ambitious firm. China Rongsheng’s engineering machinery business unit may still be small but it could rival its shipbuilding business in size in a few years time, said Wang.

An additional advantage of having a strong engineering machinery business is that it is a purely China-based business conducted in renminbi, providing a natural hedge against foreign currency risk. “With the prospect of the renminbi appreciating it is to our advantage to have a renminbi business to hedge some of our US dollar exposure, because most of our shipbuilding and offshore engineering businesses are conducted in US dollars,” Wang explained.

For its engine manufacturing business, China Rongsheng works with two international diesel engine technology providers under a technology licensing agreement. For now, China Rongsheng only builds low and medium-speed diesel engines, but it is in the process of entering the high-speed diesel engine market for light and heavy trucks as well as the agricultural sector. Wang is also looking to move into the import substitute market for ship engines in China. “We want to capture China’s shipbuilding industry engine demand because many Chinese shipyards currently import engines from Korea and Japan,” he said.

Because most of China Rongsheng’s shipbuilding and offshore engineering business units are conducted in US dollars, listing in Hong Kong was a strategic decision by Wang to take advantage of the non-deliverable forward market — the scope of which is limited for a local Chinese company located in the mainland. “Today’s CFO needs to be a business decision maker as well as an accounting and finance professional,” he concluded.

27. Guo Y, Wang N, Zhao S, Hou L, Xu Y, Zhang N, et al.. Increased interleukin-23 is associated with increased disease activity in patients with rheumatoid arthritis. Chin Med J(Engl) (2013) 126:850–4. [PubMed]