rongsheng international business limited brands

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HONG KONG, Oct 18 (Reuters) - China Rongsheng Heavy Industries Group Holdings Ltd plans to raise as much as $1.5 billion in an initial public offering in Hong Kong, sources close to the deal said on Monday.

Rongsheng, which kicks off its IPO pre-marketing on Monday, plans to use the proceeds for its shipbuilding and offshore engineering business, the term sheet said.

Rongsheng has not decided the base offering structure yet, but it has an overallotment option, which are all secondary shares to be sold by Chairman Zhang Zhi Rong.

Deutsche Bank, Morgan Stanley, China Construction Bank International, JP Morgan and Bank of China International are the joint bookrunners of the deal.

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.