rongsheng investment company supplier

Jinan Chanfa Rongsheng Equity Investment Co., Ltd. signed an agreement to acquire an additional 14.6% stake in Moso Power Supply Technology Co.,Ltd (SZSE:002660) from Gu Yongde for approximately CNY 500 million on August 10, 2021. As per the transaction, Jinan Chanfa Rongsheng Equity Investment Co., Ltd. will acquire additional 40.05 million shares. Post completion, Jinan Chanfa Rongsheng Equity Investment Co., Ltd. will hold 72.69 million shares representing 26.5% stake of Moso Power Supply Technology Co.,Ltd. On August 28, 2021, Jinan Chanfa Rongsheng Equity Investment Co., Ltd. received approval from Jinan Municipal State-owned Assets Supervision and Administration Commission.

SHANGHAI, March 5 (Reuters) - China Rongsheng said it had scrapped a warrant issue that would have given the heavily indebted shipbuilder a HK$3 billion ($416 million) cash lifeline after it was unable to contact the offer’s only subscriber.

Rongsheng’s shares fell as much as 8.1 percent in early Thursday trade, after it said it would no longer issue HK$510 million worth of warrants to Kingwin Victory Investment Ltd, a Cayman Islands-incorporated investment firm.

In a stock exchange filing, Rongsheng said it had scrapped the issue as it could not contact Kingwin’s owner Wang Ping after media reports said he had been detained by the Beijing police for matters not related to Rongsheng.

“The company has no information as to the details of the incident and has been unable to contact Mr. Wang Ping, which casts doubt over the ability of the subscriber to perform its obligations,” Rongsheng said.

On Wednesday, Chinese news magazine Caixin reported that Beijing police had detained Wang on Feb. 23 over financial irregularities in investments made by Cypress Capital Group, another firm that he chaired.

Rongsheng, one of China’s largest shipbuilders, was gearing to move into oil exploration and change its name after becoming one of the most prolific casualties of the global shipping slump. It came close to insolvency in 2013 before agreeing with banks to extend its loans until the end of this year.

The warrant issue that Rongsheng had agreed with Kingwin in October would have entitled subscribers to buy up to 1.7 billion new shares at HK$1.60 each.

This would have raised about HK$3.23 billion for Rongsheng, the firm said at the time. A warrant entitles the holder to buy stock from the issuer at a specific price within a time frame. ($1 = 7.7552 Hong Kong dollars) (Reporting by Brenda Goh; Editing by Miral Fahmy)

SHANGHAI, Oct 30 (Reuters) - China Rongsheng, the country’s largest private shipbuilder, has secured a cash lifeline that could be worth up to HK$3.23 billion dollars and is looking to change its name to reflect its shift into oil exploration.

Shares in heavily indebted Rongsheng, which were suspended on Aug. 29 after the company said it was in the process of restructuring, surged almost 17 percent higher after trading resumed on Thursday. They reversed gains, and were down 3.7 pct by 0217 GMT.

Rongsheng said late on Wednesday it would issue warrants worth HK$510 million to a Cayman Islands-incorporated investment firm wholly owned by private equity investor Wang Ping, which would entitle subscribers to buy up to 1.7 billion new shares at HK$1.60 each.

This would raise about HK$3.23 billion for Rongsheng, it said. A warrant entitles the holder to buy stock from the issuer at a specific price within a time frame.

The price of the new shares is at a 17.65 percent premium to Rongsheng’s closing price of HK$1.36 per share on Aug. 28, when it last previously traded. It said the subscription shares represent 19.36 percent of the firm’s issued share capital.

Rongsheng, which builds Brazilian miner’s Vale mega-iron ore carriers, came close to insolvency last year before clinching an agreement with banks to extend its loans until end-2015.

As one of the Jiangsu region’s largest employers, the firm has received copious support from the government, which is currently helping Rongsheng with its restructuring.

Rongsheng also said it had signed a debt agreement with a syndicate of domestic banks in Anhui province that would extend its debt payments to the end of 2015.

The firm, which bought a 60 percent stake in an oil exploration company in Kyrgyzstan, also said it was proposing to change its name to China Huarong Energy Company to reflect its expansion into the energy service sector to counter the slump in the shipbuilding industry.

The company, which on Oct. 17 posted a net loss of 3.36 billion yuan ($549.6 million) for the first nine months of the year, said four out of five new oil wells in its Kyrgyzstan project have received satisfactory results in oil production.

Rongsheng has been one of the most prolific casualties of the global shipping slump. The industry is still trying to shake off a glut of ships ordered before the crisis which has sunk freight rates and caused many shipbuilding orders to be delayed or cancelled. ($1 = 7.7552 Hong Kong dollar) ($1 = 6.1136 Chinese yuan) (Reporting by Brenda Goh; Editing by Miral Fahmy)

The Abu Dhabi National Oil Company (ADNOC) has signed a broad framework agreement with China’s Rongsheng Petrochemical to explore domestic and international growth opportunities which will support the delivery of its 2030 smart growth strategy

The agreement will see both companies explore opportunities in the sale of refined products from ADNOC to Rongsheng, downstream investment opportunities in both China and the UAE, and the supply and delivery of LNG to Rongsheng.

Under the terms of the agreement, ADNOC and Rongsheng will explore opportunities for increasing the volume and variety of refined products sales to Rongsheng as well as ADNOC’s active participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including investment in Rongsheng’s downstream complex.

In return, Rongsheng will also explore potential investments in ADNOC’s downstream industrial ecosystem in Ruwais, including the proposed Gasoline Aromatics Plant, GAP, and the potential for ADNOC to supply and deliver LNG for utilisation by Rongsheng within its production complexes in China.

Sultan Al Jaber, minister of State and ADNOC Group CEO, said, “The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans.”

The framework agreement supports ADNOC’s downstream expansion plans, which will see it create an integrated refining and petrochemicals complex in Ruwais while pursuing integrated margins for its own hydrocarbons with in-market investments.

SINGAPORE, Jun 2, 2022 (China Knowledge) – China’s leading chemical company Rongsheng Petrochemical (002493) has moved up two notches this year to rank the 8th place on Top 10 Most Valuable Chemicals Brands. It is the only Chinese chemical brand that placed in the global top list that include multinational companies like BASF, SABIC, LG Chem, Dow, Linde, LyondellBasel, Asahi Kasei, Mitsubishi Chemical and Shin-Etsu.

This latest Brand Finance Chemical 25 that published on May 31 also places China on the 4th place after Germany, U.S and Japan in terms of total brand value among the selected 25 chemical companies. The brand valuation company Brand Finance is a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales, and adopt internationally recognized standards on Brand Valuation – ISO 10668 and Brand Evaluation – ISO 20671.

With brand value worth US$2.3 bln, up 42.9% year on year, Rongsheng Petrochemical has become the most valuable Chinese brand in this year’s Chemical 25 ranking. Besides brand value, Brand Finance, also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. In accordance to Rongsheng Petrochemical’s evaluation, its brand’s strength index moved up from an A+ rating in 2021 to an AA- rating in 2022.

What differentiate Rongsheng Petrochemical with domestic and foreign peers is the company’s emphasis and commitment on sustainability and green development. For example, it purifies carbon dioxide in its refining-petrochemical integrated complex, and using it to produce downstream chemical products. Renewal energy and material wise it is currently the largest supplier of solar-grade EVA for the photovoltaic industry as well as the largest supplier of food grade recycled PET bottle flakes in China.

In addition to its brand value Rongsheng Holding as a group is also listed in the Fortune Global 500 in terms of sales revenue. Last year the Chinese giant, as a group, was placed 255th with USD 44.7 bln revenue achieved in 2020. The latest Fortune Global 500 in 2022 to be published next month is expected to elevate many placings due to its whopping increase in revenue last year.

Image: The agreement was signed by His Excellency Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, and Li Shuirong, Chairman of Rongsheng Group. Photo: courtesy of Abu Dhabi National Oil Company.

The Abu Dhabi National Oil Company (ADNOC) has entered into a framework agreement with China-based Rongsheng Petrochemical to look out for domestic and international expansion opportunities.

The deal will see ADNOC and Rongsheng explore opportunities in the sales of refined products from ADNOC to Rongsheng, downstream investment opportunities in both China and the UAE, and the supply and delivery of LNG to Rongsheng.

Under the terms of the agreement, both the companies will look out for opportunities to expand the volume and range of refined products sales to Rongsheng in addition to ADNOC’s participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including funding in Rongsheng’s downstream complex.

On the other hand, the China-based company will also explore possible investments in ADNOC’s downstream industrial ecosystem in Ruwais, including the proposed Gasoline Aromatics Plant, GAP, and the possibility for ADNOC to supply and deliver LNG for utilisation by Rongsheng within its production factories in China.

UAE Minister of State and ADNOC Group CEO Al Jaber said: “The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans.

The deal will help in ADNOC’s downstream development plans, which will see it create an integrated refining and petrochemicals complex in Ruwais while pursuing integrated margins for its own hydrocarbons with in-market investments.

Rongsheng Group chairman Li Shuirong said: “The strategic cooperation with ADNOC will ensure that our ZPC project, which will have a refining capacity of up to 1 million barrels per day (mbpd) of crude, has adequate supplies of feedstock.

“Our valued partnership will enable Rongsheng Petrochemical to continue its expansion into the international oil market and we are confident Rongsheng Petrochemical will achieve enhanced market share and recognition in the global marketplace.”