rongsheng import and export trading co ltd in stock

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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.

4 GSSW19SHA4820A STEEL COILS Description: 11 11 COILS ALU-ZINC COATED STEEL SHEET IN COILS SPECIFICATION: AS PER ASTM A792M, CS TYPE B, COATING REGULAR SPANGLES, ANTI FINGER PRINT, MANUFACTURER"S NAME: LINQING HONGJI(GROUP) CO, WIDTH TOLERANCE: +5MM,-0MM (AIMING: +3MM/-0MMCOIL WEIGHT: 3-6MT MAX COIL ID: 508MM CFR LO SAN ANTONIO/VALPARAISO, CHILE SHIPPING MARKS:N/M Marks : ........................................ LINQING RONGSHENG TRADING CO.,LTD 2020-01-04 China 50010 Kgs 11 COL

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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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A broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) (CRD: 283078/SEC: 8-69739), and a member in good standing of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

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Hebei Shenghao import and export trade Co., Ltd. is a manufacturer specializing in the research and development of chemical raw materials and pharmaceutical intermediates, with rich experience in chemical production and sales. After more than ten years of development, our sales network all over the world, in line with the quality first, reputation first business philosophy, our products have been highly praised by customers. Honest management is our principle, customer satisfaction is always our goal, we will continue to adhere to the quality of survival, science and technology for development, customer policy center, and constantly develop new products, improve the quality of production

RONGSHENG IMPORT AND EXPORT CO., LTD was incorporated 2 years ago on 12/10/2020 and has the registered number: 12942862. The accounts status is NO ACCOUNTS FILED.

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Consider applying for an Export Trade Certificate of Review (ETCR). An ETCR allows you to work together with other companies to create economies of scale when exporting goods and services from the United States.

The ETCR provides substantive federal antitrust protection and procedural benefits to U.S. firms interested in collaborating on export activities. By coordinating with one another under the legal protection of this program, U.S. firms can reduce their shipping costs, boost their negotiating power, fill large export orders, and develop long-term export business.

An ETCR provides you the freedom to form export joint ventures with other companies, working together to generate cost efficiencies and share risks of exporting. Some examples include:

The Department of Commerce has administered the Export Trade Certificate of Review since it was authorized by Congress in the Export Trade Act of 1982. To date, we have provided Certificates to more than 2000 companies exporting more than $20 billion of goods and services each year under the program. Our team at the International Trade Administration is ready to help you join these exporters who are reaping the benefits of the program.