rongsheng international trading co ltd in stock

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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.

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HONG KONG (Reuters) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 18 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 from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

On Monday, Rongsheng shares dropped as much as 18 percent to HK$1.15, a record low, leaving the company with a market capitalization of just over $1 billion. The company also issued a profit warning, saying first-half earnings would fall sharply as a result of a global shipbuilding downturn, a factor that has already pushed its shares down more than 75 percent in the past year.

“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.

“Investors are very sensitive to this kind of news and they simply unloaded their stakes on the worry that they will not be able to exit their investment if the company involved gets suspended,” he said.

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

The SEC does not allege any wrongdoing by Zhang, but notes that he is the controlling shareholder of a company that engages in significant business activities with CNOOC. CNOOC in Beijing has declined comment on the matter.

“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.”

The SEC said on Friday that a federal court in Manhattan had frozen assets worth more than $38 million belonging to Hong Kong-based Well Advantage, controlled by Zhang, and other unnamed traders who used accounts in Hong Kong and Singapore to trade in Nexen stock.

They made trading profits of $7 million and $6 million respectively using inside knowledge of the merger to buy Nexen shares before the announcement, the SEC alleges.

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.

Shares of Glorious Property Holdings Ltd, a Chinese real-estate developer in which Zhang has a 68 percent stake based on a December 2011 filing, also fell sharply. The stock fell as low as HK$1.12, down 15 percent from Friday.

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.

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 Petrochemical was founded in 1995 and operates in China. The company engages in the sector "Plastics & Synthetic Rubber in Primary Forms" (ISIC: 2013). This industry belongs to the broader "Chemicals & Related Products" (ISIC: 20) sector. The chemical industry includes large and well-established corporations that manufacture a wide range of products across a variety of markets. Today, the chemical manufacturing sector plays an essential role ─ not only in virtually every economy across the globe, but also within the majority of sectors of those economies. The CEO of the company is Yongqing Li.

1 GSSW19SHA3778B STEEL COILS Description: 32 COILS DESCRIPTION OF GOODS:PREPAINTED STEEL COILS 32COILS;127.010MT GROSS WEIGHT; 126.242MT NETSHIPPED ON BOARD FREIGHT PREPAID, SHIPPING COMPANY S AGENT IN DISCHARGE PORT:PHONE 56-32-2202000 FAX 56-32-2256607 OPSG2 ULTRAMAR.CL VALPARAISO.OPRS ULTRAMAR.CL SHIPPING MARKS:N/M Marks : ........................................ LINQING RONGSHENG TRADING CO. , LT 2019-09-27 China 127010 Kgs 32 COL

(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.”