rongsheng north america inc brands

Rongsheng Machinery Manufacture Ltd of Huabei Oilfield, Hebei, which was founded in 1976, has now been an internationally famous comprehensive petroleum machinery manufacturer, and has grown to be the largest manufacturer and dealer of land-use BOPs.

The company products include BOPs, BOP control system, choke and kill manifolds, snubbing equipment, mud pump, wellhead equipment and Christmas tree, pumping units, tubing and drill pipe joint, etc, which have all passed certification by American Petroleum Institute (API). Four categories out of these products, namely BOPs, BOP control system, choke and kill manifolds and mud pumps, have passed certification of GOST and RTN in Russia.

NOTE: Rongsheng North America, Inc. is the only legal subsidiary of Rongsheng Machinery Manufacture Ltd. in the United States which is authorized to sell "HRSB" brand products including BOP"s, Mud Pumps and Well Heads.

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.

The information contained in this company profile is compiled from third party sources, including but not limited to public records, user submissions, and other commercially available data sources. These sources may not be accurate, complete, or up-to-date.

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.

HONG KONG (Reuters) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 16 percent on Monday after the U.S. securities regulator accused a company controlled by the shipbuilder"s chairman of insider trading ahead of China"s CNOOC Ltd"sbid for Canadian oil company Nexen Inc.Labourers work at a Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province May 21, 2012. REUTERS/Aly Song

The U.S. Securities and Exchange Commission filed a complaint in a U.S. court on Friday against a company controlled by Rongsheng Chairman Zhang Zhirong, and other traders, accusing them of making more than $13 million (8.2 million pounds) from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

“The news around the chairman comes on the back of other operational and credibility issues,” Barclays said in a note to clients. “We think China Rongsheng presents significant company-specific risk.”

In a filing with the Hong Kong stock exchange, Rongsheng - which entered a strategic cooperation agreement with CNOOC in 2010 - said it did not expect the U.S. investigation to affect its operations. It said Zhang did not have an executive role in the company.

Rongsheng, controlled by Zhang, also issued a profit warning on Monday, saying first-half earnings would fall sharply as a result of the shipbuilding downturn.

“Since weak earnings had been expected and the stock had already come down quite a bit, the early selling was mainly triggered by the insider trading probe,” said Steven Leung, a director at UOB Kay Hian.

Zhang was ranked the 22th richest Chinese person by Forbes Magazine in September 2011. But his net worth fell by more than half in the past year to $2.6 billion in March 2012 as shares of Rongsheng tumbled.

The unnamed Singapore traders used accounts in the names of Phillip Securities and Citibank C.N, while Well Advantage made its trades through accounts held at UBS Securities and Citigroup Global Markets. Neither of the Well Advantage accounts had traded Nexen shares since January 2012, and the Citigroup account had been completely dormant for over six months, the SEC says.

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Zhejiang Rongsheng Industrial Co.,Ltd. is located in Xiaoshun Town,Jinhua City,Zhejiang Province,in the east of Yiwu. It enjoys convenient water land and air transportation.

Rongsheng is mainly specialized in medium and high grade spirit level,laser measurement(digital level、laser level、rotary laser level、auto-leveling laser tool etc.), electronic measurement(laser distance detector、ultrasonic distance detector、multi-function detector、infrared themometer、inspection scope etc.).Currently,all the products are exported to EU、north America、Australia and the other countries and regions.We do OEM for famous brand in the world.sqws