rongsheng investment company pricelist

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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.

Rongsheng Petrochemical said on the interactive platform that its production and sales are booming. Generally speaking, rising oil prices will lead to rising raw material costs, but product prices will also rise accordingly.

SHANGHAI–A Chinese shipbuilding magnate stepped down as chairman of two companies, weeks after an investment firm he controls paid US$14.2 million to settle U.S. insider-trading allegations.

Analysts welcomed the resignation by Zhang Zhirong, a founder of China Rongsheng Heavy Industries Group Holdings Ltd. (CGVYY, 1101.HK), saying the insider-trading case had put a cloud over the shipbuilding company.

A China Rongsheng spokesman said Mr. Zhang resigned for personal reasons but declined to comment further. He was succeeded by Chen Qiang, the company’s chief executive.

The SEC in July alleged that Well Advantage had stockpiled shares of Canadian energy company Nexen Inc. (NXY, NXY.T) based on confidential information ahead of an announcement that China’s Cnooc Ltd. (CEO, 0883.HK) would strike a deal to acquire Nexen for US$15.1 billion. Well Advantage, which is listed in Hong Kong, settled the case last month without admitting wrongdoing. The SEC didn’t accuse Mr. Zhang of wrongdoing.

China Rongsheng had enjoyed close ties with Cnooc. The companies in 2010 entered into an agreement in which the shipbuilder would construct high-end, offshore vessels for oil exploration. The agreement was a bid to help China Rongsheng reduce its reliance on building cargo vessels with lower value added.

Analysts had worried that the Well Advantage insider-trading case would strain ties between China Rongsheng and Cnooc. It wasn’t clear whether relations would improve now that Mr. Zhang has stepped down as China Rongsheng’s chairman.

Mr. Zhang is the largest shareholder of the shipbuilder, holding nearly 48% of the company, according to its latest disclosure to the Hong Kong Stock Exchange.

China Rongsheng faces challenges despite winning a contract in 2008 to build 12 massive ships designed to carry iron ore for Brazilian mining company Vale SA (VALE, VALE3BR). Four of the ships, known as Valemaxes, have been completed, with a fifth due for delivery next month. Each vessel costs around US$120 million. But Beijing has barred Valemax ships from docking at Chinese ports, putting future orders in doubt.

“We continue to be cautious on the medium-term prospects for China Rongsheng, given the overall collapse in bulk-vessel ordering and pricing, which we expect to continue in 2013,” Barclay’s Mr. Windham wrote in a research note last month.

China Rongsheng in August cited euro-zone debt woes and other economic issues for pulling out of a deal to acquire 55% of Anhui Quanchai Engine Co. (600218.SH), a Chinese diesel-engine maker with a market value of 2.55 billion yuan. The deal was part of China Rongsheng’s strategy to diversify into other heavy-industry sectors.

China Rongsheng’s shares closed unchanged at 1.50 Hong Kong dollars (19 U.S. cents) on Monday, before Mr. Zhang’s resignation was announced. The closing price was 81% lower than the company’s initial-public-offering price in 2010.

One market that energy investors sometimes spend very little time thinking about is plastics. Despite the fact that plastics are an oil derivative, energy investors tend to focus on other end markets for oil. In the present environment though, where demand for oil from every source is critical, that short-sightedness is a mistake. And with a major new investment in plastics coming online soon, oil investors should consider how the changing environment will affect traditional players like Dow and DuPont in the space for derivative chemicals.

The major new plastics investment in question comes from a Chinese firm. Rongsheng Petrochemical is investing $24 billion in building a refinery for plastics and chemicals. The facility will be south of Shanghai on the Island of Zhoushan and is forecasted to process 400,000 barrels a day, 10.4 million metric tons of aromatics a year. This comes as quite a shock considering most oil companies wouldn’t bet as much on such a proportionally small industry.

Rongsheng only holds 51 percent of the facility, the rest belonging to Tongkun Group Co., Juhua Group, and Zhoushan Marine Comprehensive Development and Investment, all of which are privately owned. All of the companies will fund the construction of the refinery. The project will stretch over 10,000 acres and is predicted to be the fifth largest refinery in the world.

With global strides towards green energy, governments and corporations are easing off coal and oil consumption. Oil demand will undeniably decline once electric cars become more prominent as well as the integration of more renewables into the power grid. This drop will complicate business for oil producers, making the market for plastics surprisingly enticing. Exxon Mobil relies heavily on chemicals for their revenue; they in fact brought in the most revenue during the first quarter of the year. By investing such a substantial sum into the plastics and chemical industry, Rongsheng is hedging their risk and will effectively profit comparable to Exxon.

Rongsheng’s shares dropped half of a percent on the 14th of September when news circulated , but the growth potential is vast as long as the optimistic firm doesn’t flood the market. Investors should potentially avoid or short Petrochina and Sinopec as they will see reduced market share in the petrochemical industry as this refinery comes online. These companies will likely continue their level of production upon completion of the refinery meaning petrochemicals will overextend demand. With an increase in activity for crude, supply will rise and the futures market will see a decline in price. A reduction in imports will also result in a higher yield for the Chinese Yuan. The refinery is scheduled to be completed by 2018.

MetLife Inc. President and Chief Executive Officer Michel Khalaf said the company doesn’t intend to pare back capital spending on things like mergers and stock buybacks even as the potential of a U.S. recession in 2023 looms.