rongsheng international trading co ltd for sale

SINGAPORE (Reuters) - Private Chinese oil refiner and petrochemical manufacturers Hengli Petrochemical Corp and Rongsheng Petrochemical Corp have each hired a new executive for its Singapore trading desk, company officials said on Wednesday.

Hengli Petrochemical International Pte Ltd, the trading unit for Hengli Petrochemical Co. Ltd, hired James Zhang, formerly Head of Energy, Asia, at ICBC Standard Bank, as its deputy president to drive the company’s strategy and its day-to-day operations, a company spokesman said.

Separately, Zhu Yanyu, previously a veteran oil products trading manager at state-owned oil and gas company PetroChina, started in June at Rongsheng Petrochemical (Singapore) Pte Ltd as a deputy general manager in charge of refined products trading, said two company officials.

The Singapore operation is the international trading unit for Rongsheng Petrochemical Corp, which is a key stakeholder in Zhejiang Petrochemical Corp (ZPC), one of China’s largest private refiners which operates a 400,000 barrels per day refinery in east China’s Zhoushan.

HONG KONG (Reuters) - An offer by the billionaire owner of Glorious Property Holdings Ltdto take the company private for HK$4.57 billion($589 million) is seen as an effort to save a struggling shipbuilder he founded that is laden with debt.

Zhang Zhirong"s offer came late on Thursday, just hours after the shipbuilder he founded, China Rongsheng Heavy Industries Group, said a unit had received a claim from a local government seeking at least 1 billion yuan ($172 million) for an alleged breach of contract, among other things.

Shares of Glorious Property are estimated by many industry watchers to be undervalued and its property portfolio, which includes commercial real estate in prime cities like Beijing and Shanghai, is believed to be ripe to be cashed in.

“They may need money to save Rongsheng after the local government filed a claim against the shipbuilder,” said a Hong Kong-based credit analyst who declined to be named as he was not authorized to speak to the media.

“The company is in a difficult situation and my guess is they will have to sell a substantial portion of their assets. Property assets are a lot easier to sell. It is difficult to sell assets when they are a listed company so hence the privatization.”

Zhang is the founder and biggest shareholder of China’s largest private shipbuilder, China Rongsheng, which has been hit hard by a downturn in the global shipping industry and was forced to seek financial help from the government this year.

Listed in November 2010, Rongsheng was also tied to an insider trading scandal in July last year involving a company owned by Zhang that resulted in a $14 million payment to U.S. regulators.

Shares of Glorious Property, which had a market value of more than $1 billion prior to a suspension in mid-October, surged as much as 40 percent when they resumed trading on Friday, while Rongsheng shares slid more than 4 percent.

Glorious Property’s stock was trading at about a 58 percent discount to its net asset value before trading was suspended and the depressed share price had hurt its reputation among customers, the company said in a statement late on Thursday.

The developer has some potentially lucrative assets in prime locations in China, with a land bank of 15.8 million square meters as of the end of June 2013, of which 12.6 percent is located in Shanghai and 9.6 percent in Beijing, according to China International Capital Corp.

“It’s a commonly held belief among property company owners that their companies are grossly undervalued,” said Steve Wang, a strategist with BOCI Securities in Hong Kong.

“Glorious property has a lot of commercial property and this can be easily monetized. They could sell some of the assets. The stock value is about a 30 percent discount to the asset value. They could monetize some of the asset value.”

Glorious Property bonds were trading down on Friday in contrast to the shares amid worries about transparency. The bonds due 2015 93/94 and its 2018 84.5/86, were down by about six points.

“For debt holders, the lack of transparency due to unlisted status and management’s poor execution do not bode well,” Eric Yu Zhang, analyst at China International Capital Corporation, said in a research report.

“Glorious’ weak fundamentals are further pressured by its stretched balance sheet, reflected in it having the highest funding costs and lowest cash/short-term debt ratio of all the property names we cover.”

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.

hongkong rongsheng trading ltd. is a China Supplier, the following trade report data is derived from its trade data; the company"s import data up to 2021-05-22 total 261 transactions. Based on these trade data, we have aggregated the data in terms of trading partners, import and export ports, countries of supply, HS codes, contact details and other dimensions, which will help you to improve the efficiency of using your foreign trade data.

The graph above shows the market trend analysis of hongkong rongsheng trading ltd. for the past year, which can be used to understand the current supply cycle and business stability of the company from the trend of different dimensions such as quantity, weight, price and number of transactions.

1 X 40 CONTAINERS CONTAINING 1004 CARTONS OF DISPERSE BLUE 60 200% DISPERSE YELLOW 211 DISPERSE ORANGE 73 200% DISPERSE RED 152 200% DISPERSE YELLOW 114 200% DISPERSE RED 167 200% DISPERSE BLACK CCR 300% DISPERSE RED 343 200% DISPERSE YELLOW 54 200% DISPE

1 X 20 CONTAINERS CONTAINING 480 CARTONS OF BORDO SIDERSPERSE AE3B MARINHO SIDERSPERSE AESN RUBI SIDERSPERSE MEFL TURQUESA SIDERSPERSE MENS AMARELO SIDERSPERSE AEYN

1 X 20 CONTAINERS CONTAINING 480 CARTONS OF DISPERSE RED 343 200% DISPERSE RED 73 200% DISPERSE YELLOW 54 200% DISPERSE BLACK CC3R DISPERSE BLUE 183 DISPERSE BLUE 183 200% DISPERSE ORANGE 29 200% DISPERSE RED 60 DISPERSE RED 152 200% DISPERSE RED 153 DISP

hongkong rongsheng trading ltd. is A China Supplier. This Company"s Trade Report Mainly Contains Market Analysis, Contact, Trade Partners, Ports Statistics, And Trade Area Analysis. Official Reference Contact Is From China Original Bill Of Ladings, Including Email, Phone, Fax, Address, And Official Website. Till 2021-05-22，hongkong rongsheng trading ltd.. A Total Of 261 Transactions. Follow Up The Company, And Then Can Export This Company"s Contact And B/Ls. If There Is New Transactions, We Will Also Inform You By The System.

We Extract The Trade Partners From hongkong rongsheng trading ltd."S 261 Transctions.These Companies Are Mainly Located In Other,France,Russia .You Can Screen Companies By Transactions, Trade Date, And Trading Area. While You Can Check Product Type, Quantity, Price, And Trade Frequency Of Each Transaction. This Data Will Help You Study Your Competitors, Maintain And Monitor Your Customers, And Develop Target Users. Through Summary Statistics Of Transaction，We Extract This Company"s Data Of Import-Export Ports And Trade Area, And Then You Can Check Related Data. It Can Calculate The Main Market And Occupation Of hongkong rongsheng trading ltd.. All Around The World. Help You Deeply Analyze The Target Market, And Scientifically Formulate Production And Marketing Strategies.

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Founded in 1989, Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in petrochemical, polyester, spinning, texturing, coal chemicals, real estate, trading, logistics, and thermal power businesses. Rongsheng is a global company serving customers in China, Europe, America, and Asia.

The Group has proven to be a leader among its competitors in each industry and has over ten subsidiaries, three of which are public companies, including Rongsheng Petrochemical Co. Ltd., Yibing Tianyuan Group Co. Ltd., and Ningbo United Group Co. Ltd. In 2014, the Group’s sales revenue surpassed RMB ￥60 Billion (CAD $10 Billion). In 2015, Rongsheng was a top 10 petrochemical industry leader in China.

Mr. Li Shuirong, Chairman of Rongsheng Holding Group serves as the Chairman of Rongsheng Petrochemical Co. Ltd., Vice President of the Zhejiang Private Economy Academy and Director of the Zhejiang Operation Management Academy. Mr. Li is a recognized philanthropist and greatly believes in giving back to the community especially in building schools to educate future generations as well as for those in need.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe.

China’s biggest shipbuilder outside state control tumbled 16 percent yesterday in Hong Kong after the U.S. Securities and Exchange Commission said traders including Chairman Zhang Zhi Rong’s Well Advantage Ltd. made more than $13 million of illegal profits buying shares of Nexen Inc. ahead of a takeover announcement by CNOOC Ltd. The SEC also won a court order freezing about $38 million of the traders’ assets.

The investigation may deter customers from placing orders, Jon Windham, an analyst at Barclays Plc., said yesterday by phone. “It’s obviously very bad for the overall image of the company.” He downgraded the stock to underweight from equalweight and cut its target price to HK$1.06 from HK$2.40.

Rongsheng, based in Shanghai, has tumbled 87 percent since a November 2010 initial public offering because of concerns about delivery delays and a global slump in ship orders caused by a glut of vessels. The shipbuilder, which operates facilities in Jiangsu and Anhui provinces, also said yesterday that first- half profit probably dropped “significantly” because of falling prices and slowing orders.

The demand slump has pushed new-ship prices to an eight- year low, according to shipbroker Clarkson Plc. Chinese shipyard orders plunged 49 percent in the first half.

The probe won’t affect day-to-day operations run by Chief Executive Officer Chen Qiang, as Chairman Zhang only has a non- executive role, Rongsheng said in a statement yesterday. Zhang wasn’t available for comment yesterday, according to Doris Chung, public relations manager at Glorious Property Holdings Ltd., a developer he controls.

Chen isn’t aware of Zhang’s personal business dealings and he has no plans to leave Rongsheng, he said yesterday by text message in reply to Bloomberg News questions. The CEO may help reassure potential customers as he is well-known among shipowners, said Lawrence Li, an analyst at UOB Kay Hian Holdings Ltd.

Zhang owns 46 percent of Rongsheng and 64 percent of Glorious Property, according to data compiled by Bloomberg. The developer dropped 1.7 percent to close at HK$1.16 in Hong Kong today after falling 11 percent yesterday. Zhang’s listed holdings are worth about $1.2 billion, according to data compiled by Bloomberg.

Zhang, who holds a Master’s of Business Administration degree from Asia Macau International Open University, started in building materials and construction subcontracting before getting into real estate. Construction of his first project, in Shanghai, began in 1996, according to Glorious Property’s IPO prospectus. He got into shipbuilding after discussing the idea with Chen at a Shanghai Young Entrepreneurs’ Association event in 2001, according to Rongsheng’s sale document. He formed the company that grew into Rongsheng three years later.

“People in his hometown think Zhang is a legend as he expanded two companies in different sectors so quickly,” said Ji Fenghua, chairman of Nantong Mingde Group, a shipyard located next to Rongsheng’s facility in Nantong city, Jiangsu province. The billionaire maintains a low profile, said Ji, who has never seen him at meetings organized by the local government.

Rongsheng raised HK$14 billion in its 2010 IPO, selling shares at HK$8 each. The company’s market value has fallen by about $6.1 billion to $1 billion, based on data compiled by Bloomberg.

The shipbuilder has had delays as it builds 16 of the world’s biggest commodity ships for Vale SA and Oman Shipping Co. It was supposed to hand over eight of the ships last year, according to its IPO prospectus. Instead, it only delivered one. It had handed over two more to Vale by May 20. The same month, it christened two for Oman Shipping, Xinhua reported.

The company’s cash reserves have also declined. It had 6.3 billion yuan of cash and cash equivalents at the end of December down from 10.4 billion yuan a year earlier. Its short-term borrowings rose to 18.2 billion yuan from 10.1 billion yuan, according to data compiled by Bloomberg.

Rongsheng, which also makes engines and excavators, had outstanding orders for 98 ships as of June 2012, according to Clarkson. It employed 7,046 people at the end of last year, according to its annual report. The shipbuilder has built a pipe-laying vessel for Cnooc and it has a strategic cooperation agreement with the energy company.

Well Advantage and other unknown traders stockpiled shares of Nexen before Cnooc announced plans to buy the Calgary-based energy company for $15.1 billion, according to the SEC. The regulator acted to freeze accounts less than 24 hours after Well Advantage placed an order to liquidate its position, it said. The investigation continues, it said July 27.

The traders may have to pay multiples of the profit they made from illegal deals to settle the case, based on previous incidents, said David Webb, the founder of corporate-governance website Webb-site.com. The frozen accounts may make a settlement more probable as the traders won’t be able to access cash, he said. Still, there may be a long-term impact on reputations.

“Cases such as this bring the integrity of the persons involved into question,” Webb said. “And, if they are running a bank or a listed company, then it tends to tarnish the firm too.”

MOSCOW (MRC) -- Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before US sanctions take effect on Nov. 4, reported Reuters.

Loadings for Asia will rise to 2.52 million barrels per day (bpd) in October, equivalent to 75 percent of total output from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data.

This compares to September"s 2.27 million bpd, which was almost 70 percent of regional output. China has been the main driver for Asian demand before the implementation of US sanctions that analysts estimate will remove 500,000 bpd to 2 million bpd of Iranian oil from the market.

Chinese imports from West Africa are set to rise to a record 1.94 million bpd, or 60 cargoes, in October from 1.5 million bpd, or 45 cargoes, in September.

"China was widely expected to need to restock. But its renewed appetite for crude has been bolstered by panic buying from teapots," the consultancy said. Elsewhere in Asia, India is offering some respite for the stretched West African market, buying about 451,000 bpd in October, down from September"s 500,000 bpd, while Glencore will ship a rare suezmax cargo of West African crude to South Korea.

State firms Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 10 of the 14 India-bound cargoes.

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