rongsheng international business limited factory

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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, Aug 21 (Reuters) - Shipbuilder China Rongsheng Heavy Industries has snapped up a majority interest in a company searching for oil in Kyrgyzstan, marking a move into oil exploration amid headwinds in its core shipbuilding business.

Rongsheng said on Thursday it had, through a subsidiary, bought a 60 percent share in New Continental Oil & Gas Co. Ltd for HK$ 2.184 billion ($281.82 million). New Continental, together with Kyrgyzstan’s national oil company, operates four oilfields in the country.

In the announcement, which came after Hong Kong markets shut, Rongsheng said it will finance the deal by issuing 1.4 billion shares at a premium of 12.23 percent to its Thursday closing share price of HK$ 1.39 per share.

“Given the relatively adverse market conditions for shipbuilding industry for the time being, the acquisition can assist the group in diversifying operations and broadening its source of revenue,” Rongsheng said in the statement.

The oilfields, in the Central Asian country of Kyrgyzstan that borders China, sit adjacent to the Fergana Valley where Rongsheng said a recent third-party reserve survey had found abundant oil and gas resources. The geological reserve of crude oil in such oilfields amounted to 276 million tons in aggregate, the firm said.

Rongsheng last year appealed to the government for financial help. In March it agreed with banks to extend loans and other financing. (1 US dollar = 7.7496 Hong Kong dollar) (Reporting by Brenda Goh; Editing by Muralikumar Anantharaman)

Rongsheng Heavy Industries Group Holdings Limited is pleased to announce the establishment of Rongsheng Offshore & Marine Private Limited (“Rongsheng Offshore & Marine”), the Group’s new offshore engineering base, in Singapore. The company will focus on research and development, marketing and “Engineering, Procurement and Construction” (“EPC”) projects in offshore engineering, drawing on Singapore’s superior industry advances and human resources. On the same day, Rongsheng Offshore & Marine also officially announces that it has secured an EPC contract for a 2,000-meter deepwater tender barge. With sound developments made in the high-end offshore equipment manufacturing field, the Group will seek to accelerate its all-round transformation into an offshore engineering service provider.

Rongsheng Offshore & Marine, a wholly-owned subsidiary of China Rongsheng Heavy Industries and registered in Singapore, is set to become a light asset, high technology and first class offshore engineering talent base. It will play an important role in the Group’s offshore engineering strategy; the sales team is positioned to help the Group to gain market share in the international offshore engineering market, and the operational team will help the Group to achieve greater breakthroughs by engaging in high-end operational activities such as research and development, EPC project management and international procurement.

Mr. Chen Qiang, Executive Director and Chief Executive Officer of China Rongsheng Heavy Industries, said: “The opening of Rongsheng Offshore & Marine marks an important milestone towards the Group’s goal to upgrade and transform into an offshore engineering service provider. Combined with the company’s new, innovative operating model and technological platform and Jiangsu Rongsheng Heavy Industries Company Limited’s (“Jiangsu Rongsheng”) strong manufacturing base, China Rongsheng Heavy Industries has gained access to the global market and can now make their presence felt in the high-end marine equipment manufacturing field. By improving efficiency and lowering cost through synergizing the Group’s various business areas, we are confident that we can build Rongsheng into a world-class offshore engineering brand.”

The project in question is an EPC project, covering Engineering, Procurement, Construction. Rongsheng Offshore & Marine is the general contractor, and Jiangsu Rongsheng is the manufacturer. China Rongsheng Heavy Industries is one of the few shipbuilders in China capable of undertaking an EPC project, and the winning of this tender highlights the technological and manufacturing strength of China Rongsheng Heavy Industries in the marine engineering field. It also demonstrates the recognition received by the Group in the international shipbuilding and offshore engineering industries.

Mr. Don Lee, Director and Chief Executive Officer of Rongsheng Offshore & Marine, has made great achievements in offshore engineering and commands a considerable reputation, having established extensive contacts and close cooperation with offshore rig owners and petroleum companies over the course of 40 years in the field. Prior to his appointment at Rongsheng, Mr. Lee served as an Senior General Manager at Sembcorp Marine’s subsidiary Jurong Shipyard, Senior Vice President of the Marketing of Sembcorp Marine,Director of Jurong Brazil, Director of Brazil Netherlands BV, and Director of PPL Shipyard.

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.

All industries have their ups and downs, but it is how a business fares during the rockier times that sort the successes from the failures. At the mercy of global trade, shipbuilding industry chief financial officers and treasurers are as much global economists as micro-managers of their own business.

“The shipbuilding business is cyclical because it is affected by international trade and shipping demand,” said Sean Wang, CFO of China Rongsheng Heavy Industries Group, one of mainland China’s largest shipbuilders. His firm has been more successful than most, emerging as the largest non state-owned shipbuilding company in terms of total order book, measured by deadweight tonnage (DWT), in mainland China today.

China Rongsheng’s story spans its entry into shipbuilding six years ago, its expansion into heavy machinery and finally listing in Hong Kong last year. The Jiangsu-based heavy industry group has become China’s second largest shipbuilder after state-owned Guangzhou Shipyard International. “China Rongsheng is a product of the growth of China’s economy and it is the only country where we are able to become a major player in the heavy industry sector globally,” Wang explained.

According to Wang, who joined the company as CFO in June last year and was also appointed executive director four months later, shipbuilding and offshore manufacturing share the same facilities and processing technology. It was therefore a natural business area for the company to expand into.

In order to counter the shipbuilding business cycle, China Rongsheng also began focusing on its engineering machinery business line in 2010, which now plays an important role in the company’s growth. It started building small and mid-sized excavators for construction and mining, a segment that had a compound annual growth of more than 20% during the past ten years. Wang expects this rate to continue for at least the next five years. Moreover, the excavator market in China is highly fragmented and has no clear leader leaving plenty of scope for the ambitious firm. China Rongsheng’s engineering machinery business unit may still be small but it could rival its shipbuilding business in size in a few years time, said Wang.

An additional advantage of having a strong engineering machinery business is that it is a purely China-based business conducted in renminbi, providing a natural hedge against foreign currency risk. “With the prospect of the renminbi appreciating it is to our advantage to have a renminbi business to hedge some of our US dollar exposure, because most of our shipbuilding and offshore engineering businesses are conducted in US dollars,” Wang explained.

For its engine manufacturing business, China Rongsheng works with two international diesel engine technology providers under a technology licensing agreement. For now, China Rongsheng only builds low and medium-speed diesel engines, but it is in the process of entering the high-speed diesel engine market for light and heavy trucks as well as the agricultural sector. Wang is also looking to move into the import substitute market for ship engines in China. “We want to capture China’s shipbuilding industry engine demand because many Chinese shipyards currently import engines from Korea and Japan,” he said.

Because most of China Rongsheng’s shipbuilding and offshore engineering business units are conducted in US dollars, listing in Hong Kong was a strategic decision by Wang to take advantage of the non-deliverable forward market — the scope of which is limited for a local Chinese company located in the mainland. “Today’s CFO needs to be a business decision maker as well as an accounting and finance professional,” he concluded.

Zhejiang Rongsheng Paper Industry Holding Co., Ltd. is one of the leading packaging board manufacturers in China. The company is located in Pinghu City, Zhejiang Province, China and was founded in 1980. Rongsheng Paper, with a paper capacity of 600,000 t/year, produces kraftliner, high-strength corrugated paper and coreboard .

Their PM 8 recently underwent a successful rebuild. A Bellmer TurboPress Shoe Press now replaces the original jumbo roll press at the second press nip. Zhejiang Rongsheng Paper opted for new shoe press innovation technology in the TurboPress. The special shoe design ensures a perfect line load, higher dry content, uniform CD moisture profile and maximum belt lifetime. The counter roll TurboRoll SZ with hydrostatic line load runs smoothly and requires little maintenance. The load at the edges can be adjusted separately to the moisture profile.

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.

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.

] Among them, the manufacturing PMI was 35.7%, 14.3% points lower than last month, and non‐manufacturing business activity index was 29.6%, 24.5% points lower than last month.

The non‐manufacturing sector seems to suffers more. Similarly, from the perspective of supply and demand, the business activity index of non‐manufacturing industry in February 2020 is 29.6%, down 24.5% points from February; the new order index in February is 26.5%, down 24.1% points; the new export order index is 26.8%, down 21.6% points. The significant decline in supply and demand led to the overall market downturn, and even led to a significant decline in employment and raw material related indexes. In the non‐manufacturing industry, the construction industry is mainly affected by the shortage of workers and the blocked transportation of raw materials, which results in the delay of operation; the service sector is seriously frustrated in the epidemic due to its natural personnel aggregation and contact attribute, with the business activity index in February being 30.1%, 23.0% points lower than last month.

According to the relevant service industry data released by the National Bureau of Statistics, the information and Internet related service industry and financial industry suffer less, and the decline of the relevant industry index is relatively small. The business activity index of financial industry is 50.1%, which is still strong in the expansion range. The business activity index of telecommunication and Internet software industry benefits from Internet “cloud office” and other conditions, which are higher than the business activity index of service industry by 13.2% and 11.3% points respectively. However, the wholesale and retail industry affected by the supply of manufacturing industry declined significantly, the accommodation and catering, tourism, and transportation industry are experienced the hardest hit. Taking the catering industry as an example, the catering revenue from January to February was 419.4 billion yuan, down 43.1% year on year.

Under the optimistic scenario, the epidemic situation worldwide can be basically controlled in June, and the impact on national economic activities and international trade would basically last until the end of the second quarter. Since March, the epidemic has been gradually controlled in most parts of China, the number of new cases in many areas has been remaining zero for several consecutive days. On March 13, the joint defense and joint control mechanism of the State Council released data that the average operating rate of industrial enterprises above a certain scale except Hubei Province exceeded 96%, and the economy is gradually recovering.

We put forward the following foreign trade policy suggestions: first, in terms of financial and tax support, we should expand the scale of credit for foreign trade enterprises, launch special subsidy funds, appropriately cancel the guarantee and mortgage of foreign trade funds, strengthen tax relief, set up green channels for foreign trade to simplify business approval procedures, to solve the problem of capital shortage of foreign trade enterprises as soon as possible and effectively reduce the burden of enterprises. Second, in terms of market development, local governments, and foreign trade industry should actively cooperate to build a trade service platform and provide relevant trade demand, policy, and legal information around the world in a timely manner. Meanwhile, the government should encourage the full application of Internet of things, artificial intelligence, and other new technologies in business development, so as to enhance the competitiveness of China"s foreign trade enterprises on the international stage.