rongsheng international business limited quotation

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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.

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.

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)

Company (stock abbreviation: Xianfeng Holdings; stock code: 002141), formerly known as Guangdong Rongsheng Ultra Micro Wire Co., Ltd. The company"s predecessor was a Sino-foreign joint venture established in 1985, Rongsheng Electric Co., Ltd., of the Zhuhai Special Economic Zone. On July 20, 2007, the company"s shares were successfully listed on the SME board of the Shenzhen Stock Exchange. The company"s main business is fine enameled wire business, veterinary vaccine business, and enameled wire business. The main products of the company"s fine enameled wire business are middle and high-end fine enameled wire. The products are mainly used in micro and precision electronic components such as relays and micromotors compatible with home appliances, communication equipment, high-speed rail, aviation, automotive electronics, computers, office and personal electronic products; the main products of the company"s veterinary vaccine business are pig vaccines, with the exception of foot and mouth disease and avian influenza (H5 subtype).

Beijing Tiantan Biological Products Co., Ltd. (SHSE:600161) agreed to acquire 10% stake in Chengdu Rongsheng Pharmaceutical Co., Ltd. from China National Biotec Group Company Limited for approximately CNY 620 million on December 1, 2017. Beijing Tiantan Biological Products Co., Ltd. will use own cash of CNY 622.8 million to fund the transaction. The transaction has been reviewed and approved by the Board of Directors of Beijing Tiantan Biological Products Co., Ltd. during the 7th directorate’s 5th meeting on December 1, 2017. On December 19, 2017, China National Pharmaceutical Group Corporation, parent of China National Biotec Group Company Limited approved the transaction. On December 29, 2017, Beijing Tiantan Biological Products Co., Ltd. held its 5th extraordinary general shareholders’ meeting of 2017 and approved the transaction. China International Capital Corporation Limited acted as financial advisor, Jiayuan Law acted as the legal advisor and Baker Tilly China Certified Public Accountants acted as the accountant to Beijing Tiantan Biological Products Co., Ltd.

Jiaxing Rongsheng Lifesaving Equipment Co.,Ltd. is founded in 1983 and located in Jiaxing, which is near Shanghai and Ningbo. Our factory covers an area of 8,600 square meters and construction area of 1,280 square meters.We have a strong research and development, designing, manufacturing and marketing team.

Jiaxing Rongsheng Lifesaving Equipment has passed the international quality management system certification ISO9001/ISO22000 in 2002. With high-quality management system, strict process management, strong technical team and excellent management team, our company has become the leading manufacturer in marine lifesaving industry. Our Products are popular among both domestic and overseas markets. Welcome to visit us for more business cooperation.

Shares in China Rongsheng Heavy Industries Group Holdings Ltd tumbled 18 per cent 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"s bid for Canadian oil company Nexen Inc.

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 (U.S.) from insider trading ahead of CNOOC"s $15.1-billion bid for Nexen.

On Monday, Rongsheng shares dropped as much as 18 per cent to $1.15 (Hong Kong), a record low, leaving the company with a market capitalisation 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 per cent in the past year.

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 Mr. 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."

Mr. 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.

Glorious Property said in a statement on Monday that the U.S. investigation would not affect the business of the developer. At $1.12 (Hong Kong), the shares are down 40 per cent from its 2012 high late in February, leaving it with a market capitalisation of about $1.13-billion.

ng Investment Co., Ltd is a large international group company, which is established with the approval of the National Development and Reform Commission and related departments. It is engaged in the production of import and export business of industry、 energy resources、mineral resources and other fields.

In order to follow the development of times and to response to the national policy of “ The Belt and Road Initiative”,Fujian Rongsheng have successfully set up a lot of projects in the domestic as well as other countries like Indonesia, Malaysia, Singapore, Nigeria and Saudi Arabia and so on. Such as Dongguan Jinwei traditional Industrial Park, Dongguan Boqi Industrial ltd, Jiangxi Bopai Luggage Industrial Park, Fujian Bosheng Creative Industrial park, Indonesia Luggage Ltd, Nigeria Yanuo Industry LTD, Nigeria Time Ceramics Ltd, Nigeria Rongsheng Glass ltd,Nigeria Rongtai Aluminum Ltd, Nigeria Rongtai Wood Ltd, Pakistan Times Ceramics Ltd, Jisheng International Ceramic Company in Jordan, Bunyan in Industrial Ltd in Saudi Arabia, and other enterprises. Among of them,Nigeria and Saudi Arabia are the important development areas..

Since 2009, we have invested more than six hundred million dollars in African countries, and has successfully set up enterprises such as Rongsheng Glass, Rongtai Aluminum, Rongtai Wood and Time Ceramics and others in Nigeria. In order to provide an ideal and comfortable working and living environment for overseas Chinese, Fujian Rongsheng has invested a huge amount of money to build the largest, most beautiful and most well-equipped Rongtai Industrial Park in Nigeria, which has also attracted many other enterprises to settle there. Today, Fujian Rongsheng has become a bridge linking investment and economic construction of Chinese and African enterprises.

In 2021, Fujian Rongsheng started to invest in the Middle East, and has invested more than two hundred million dollars to establish Bunyang Industrial Ltd so far. in Alkaj Industrial Park of Riyadh, the capital of Saudi Arabia. We uses its advantages of high production capacity, stable quality and variety to provide high-quality ceramic products to customers in the Gulf Region.