rongsheng heavy industries group quotation

China Rongsheng Heavy Industries Group Holdings Limited (SEHK:1101) announced a private placement of 1,000, 7% convertible bonds due 2016 at a price of HKD 1,000,000 per bond for gross proceeds of HKD 1,000,000,000 on December 23, 2013. The transaction will include participation from Partners Kingwin Fund and Kingwin Victory Investment Limited, entity managed by Wang Ping which will invest HKD 500,000,000 each. The bonds will bear interest at a rate of 7% per annum payable annually in arrears. The bonds will be issued at 100% of the principal amount. The bonds will mature on date falling 30 months after closing. Both of the investors will nominate one candidate, each as non-executive Director on the company"s board of directors. The bonds will be convertible into 952,380,952 shares at a conversion price of HKD 1.05 per share, representing 11.98% stake in the company. The conversion period will start on issuance and will end on maturity date. The company will receive net proceeds of HKD 992,500,000 after deduction of commissions and expenses. The subscription and conversion of bonds is not subject to shareholders" approval.

The Board is pleased to announce that the English name of the Company has been changed from "China Rongsheng Heavy Industries Group Holdings Limited" to "China Huarong Energy Company Limited" and the Chinese name of the Company has been changed from

The stock short name of shares of the Company for trading on the Stock Exchange will be changed from "CH RONGSHENG" to "HUARONG ENERGY" in English and from "中國 熔盛重工" to "華榮能源" in Chinese with effect from 9:00 a.m. on 24 April 2015. The stock

Reference is made to the announcement of China Huarong Energy Company Limited (formerly known as China Rongsheng Heavy Industries Group Holdings Limited) (the "Company") dated 29 October 2014 and the circular of the Company dated 17 February

The Board is pleased to announce that the English name of the Company has been changed from "China Rongsheng Heavy Industries Group Holdings Limited" to "China Huarong Energy Company Limited" and the Chinese name of the Company has been changed from

The stock short name of shares of the Company for trading on the Stock Exchange will be changed from"CH RONGSHENG" to "HUARONG ENERGY" in English and from "中國熔 盛重工" to "華榮能源" in Chinese with effect from 9:00 a.m. on 24 April 2015. The stock

RUGAO, China/SINGAPORE (Reuters) - Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder.A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province December 4, 2013. REUTERS/Aly Song

The shipbuilder this week predicted a substantial annual loss, just months after appealing to the government for financial help as it reeled from industry overcapacity and shrinking orders. Rongsheng lost an annual record 572.6 million yuan ($92 million) last year, and lost 1.3 billion yuan in the first half of this year.

While Beijing seems intent to promote a shift away from an investment-heavy model, with companies reliant on government cash injections, some analysts say Rongsheng is too big for China to let fail.

Local media reported in July that Rongsheng had laid off as many as 8,000 workers as demand slowed. Three years ago, the company had about 20,000 staff and contract employees. This week, the shipbuilder said an unspecified number of workers had been made redundant this year.

“Without new orders it’s hard to see how operations can continue,” said one worker wearing oil-spattered overalls and a Rongsheng hardhat, adding he was still waiting to be paid for September. He didn’t want to give his name as he feared he could lose his job.

“Morale in the office is quite low, since we don’t know what is the plan,” said a Rongsheng executive, who declined to be named as he is not authorized to speak to the media. “We have been getting orders but can’t seem to get construction loans from banks to build these projects.”

While Rongsheng has won just two orders this year, state-backed rival Shanghai Waigaoqiao Shipbuildinghas secured 50, according to shipbroker data. Singapore-listed Yangzijiang Shipbuildinghas won more than $1 billion in new orders and is moving into offshore jack-up rig construction, noted Jon Windham, head industrials analyst at Barclays in Hong Kong.

Frontline, a shipping company controlled by Norwegian business tycoon John Fredriksen, ordered two oil tankers from Rongsheng in 2010 for delivery earlier this year. It now expects to receive both of them in 2014, Frontline CEO Jens Martin Jensen told Reuters.

Greek shipowner DryShips Inchas also questioned whether other large tankers on order will be delivered. DryShips said Rongsheng is building 43 percent of the Suezmax vessels - tankers up to 200,000 deadweight tons - in the current global order book. That"s equivalent to 23 ships, according to Rongsheng data.

Speaking at a quarterly results briefing last month, DryShips Chief Financial Officer Ziad Nakhleh said Rongsheng was “a yard that, as we stated before, is facing difficulties and, as such, we believe there is a high probability they will not be delivered.” DryShips has four dry cargo vessels on order at the Chinese firm.

Rongsheng declined to comment on the Dryships order, citing client confidentiality. “For other orders on hand, our delivery plan is still ongoing,” a spokesman said.

At least two law firms in Shanghai and Singapore are acting for shipowners seeking compensation from Rongsheng for late or cancelled orders. “I’m now dealing with several cases against Rongsheng,” said Lawrence Chen, senior partner at law firm Wintell & Co in Shanghai.

Billionaire Zhang Zhirong, who founded Rongsheng in 2005 and is the shipyard"s biggest shareholder, last month announced plans to privatize Hong Kong-listed Glorious Property Holdingsin a HK$4.57 billion ($589.45 million) deal - a move analysts said could raise money to plug Rongsheng"s debts.

Meanwhile, Rongsheng’s shipyard woes have already pushed many people away from nearby centers, and others said they would have to go if things don’t pick up. Some said they hoped the local government might step in with financial support.

The Rugao government did not respond to requests for comment on whether it would lend financial or other support to Rongsheng. Annual reports show Rongsheng has received state subsidies in the past three years.

HONG KONG (Reuters) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 16 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 (8.2 million pounds) from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

“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.”

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

Rongsheng, controlled by Zhang, also issued a profit warning on Monday, saying first-half earnings would fall sharply as a result of the shipbuilding downturn.

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.

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.

Damen Shipyards Group and Compagnie Maritime Monégasque (CMM) announced a two-year offshore support contract for Damen Fast Crew Supplier (FCS) 7011 Aqua Helix. The vessel will transport personnel to and from offshore platforms in support of an oil and gas decommissioning project. The 2022-built Aqua Helix arrived in Brazil on January 26 and is anticipated to commence work in the coming weeks.“During the design phase of the FCS 7011, we considered the Brazilian market a strong fit for this vessel, due to its geography and concentration of offshore assets,” Robin Segaar, Sales Manager at Damen.

Rongsheng admitted to Xinhua that it had terminated the contracts of those workers on low production utility rate due to a lack of new orders this year. But it denied withholding their wages.

Meanwhile, the China Shipbuilding Industry Corp (CSIC) has signalled an interest in taking over Rongsheng, subject to an attractive offer, according to a report by Chinese business newspaper 21st Century Business Herald, which quoted a source at CSIC.

Rongsheng was cast into the limelight in 2008 after it won a $1.6 billion order from Brazilian iron ore miner Vale for a dozen 400,000-deadweight-tonne very large ore carriers.

China Huarong Energy Company Limited, an investment holding company, engages in the energy exploration and production businesses. It explores for, produces, and sells crude oil. The company operates five oilfields in the Fergana Valley of the Republic of Kyrgyzstan; and sells petroleum products. It is also involved in commodity trading business; and oil and gas wholesale and distribution activities. The company was formerly known as China Rongsheng Heavy Industries Group Holdings Limited and changed its name to China Huarong Energy Company Limited in April 2015. China Huarong Energy Company Limited was founded in 2004 and is headquartered in Wan Chai, Hong Kong.

HONG KONG (MarketWatch) -- Jiangsu Rongsheng Heavy Industries Group Co., a privately owned Chinese shipbuilder, received approval for its US$1.2 billion-US$1.5 billion initial public offering from the Hong Kong stock exchange on Thursday, a person familiar with the situation said Friday.

Rongsheng manufactures ships, marine vessels and carriers. The company also offers bulk carriers, ore carriers and oil tankers. In 2009, the company won a US$484 million order to build four ships for Oman Shipping Co.