rongsheng heavy industries co ltd price

Last October, the company entered into an agreementto sell 98.5% equity interest of Rongsheng Heavy Industries, the entire interest in Rongsheng Engineering Machinery, Rongsheng Power Machinery and Rongsheng Marine Engineering Petroleum Services, to Unique Orient, an investment holding company owned by Wang Mingqing, a creditor of Huarong Energy, for a nominal price of HK$1.

Once the largest private shipyard in China, Rongsheng ceased shipbuilding operations in 2014 after it was hit by a major financial crisis and the shipyard rebranded into Huarong Energy in 2015.

Huarong Energy is of the view that the shipbuilding and engineering business is unlikely to see a turnaround in the foreseeable future and it is in the best interests of the company to dispose of the business and focus its resources on energy.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe.

China’s biggest shipbuilder outside state control tumbled 16 percent yesterday in Hong Kong after the U.S. Securities and Exchange Commission said traders including Chairman Zhang Zhi Rong’s Well Advantage Ltd. made more than $13 million of illegal profits buying shares of Nexen Inc. ahead of a takeover announcement by CNOOC Ltd. The SEC also won a court order freezing about $38 million of the traders’ assets.

The investigation may deter customers from placing orders, Jon Windham, an analyst at Barclays Plc., said yesterday by phone. “It’s obviously very bad for the overall image of the company.” He downgraded the stock to underweight from equalweight and cut its target price to HK$1.06 from HK$2.40.

Rongsheng, based in Shanghai, has tumbled 87 percent since a November 2010 initial public offering because of concerns about delivery delays and a global slump in ship orders caused by a glut of vessels. The shipbuilder, which operates facilities in Jiangsu and Anhui provinces, also said yesterday that first- half profit probably dropped “significantly” because of falling prices and slowing orders.

The demand slump has pushed new-ship prices to an eight- year low, according to shipbroker Clarkson Plc. Chinese shipyard orders plunged 49 percent in the first half.

The probe won’t affect day-to-day operations run by Chief Executive Officer Chen Qiang, as Chairman Zhang only has a non- executive role, Rongsheng said in a statement yesterday. Zhang wasn’t available for comment yesterday, according to Doris Chung, public relations manager at Glorious Property Holdings Ltd., a developer he controls.

Chen isn’t aware of Zhang’s personal business dealings and he has no plans to leave Rongsheng, he said yesterday by text message in reply to Bloomberg News questions. The CEO may help reassure potential customers as he is well-known among shipowners, said Lawrence Li, an analyst at UOB Kay Hian Holdings Ltd.

Zhang owns 46 percent of Rongsheng and 64 percent of Glorious Property, according to data compiled by Bloomberg. The developer dropped 1.7 percent to close at HK$1.16 in Hong Kong today after falling 11 percent yesterday. Zhang’s listed holdings are worth about $1.2 billion, according to data compiled by Bloomberg.

Zhang, who holds a Master’s of Business Administration degree from Asia Macau International Open University, started in building materials and construction subcontracting before getting into real estate. Construction of his first project, in Shanghai, began in 1996, according to Glorious Property’s IPO prospectus. He got into shipbuilding after discussing the idea with Chen at a Shanghai Young Entrepreneurs’ Association event in 2001, according to Rongsheng’s sale document. He formed the company that grew into Rongsheng three years later.

“People in his hometown think Zhang is a legend as he expanded two companies in different sectors so quickly,” said Ji Fenghua, chairman of Nantong Mingde Group, a shipyard located next to Rongsheng’s facility in Nantong city, Jiangsu province. The billionaire maintains a low profile, said Ji, who has never seen him at meetings organized by the local government.

Rongsheng raised HK$14 billion in its 2010 IPO, selling shares at HK$8 each. The company’s market value has fallen by about $6.1 billion to $1 billion, based on data compiled by Bloomberg.

The shipbuilder has had delays as it builds 16 of the world’s biggest commodity ships for Vale SA and Oman Shipping Co. It was supposed to hand over eight of the ships last year, according to its IPO prospectus. Instead, it only delivered one. It had handed over two more to Vale by May 20. The same month, it christened two for Oman Shipping, Xinhua reported.

The company’s cash reserves have also declined. It had 6.3 billion yuan of cash and cash equivalents at the end of December down from 10.4 billion yuan a year earlier. Its short-term borrowings rose to 18.2 billion yuan from 10.1 billion yuan, according to data compiled by Bloomberg.

Rongsheng, which also makes engines and excavators, had outstanding orders for 98 ships as of June 2012, according to Clarkson. It employed 7,046 people at the end of last year, according to its annual report. The shipbuilder has built a pipe-laying vessel for Cnooc and it has a strategic cooperation agreement with the energy company.

Well Advantage and other unknown traders stockpiled shares of Nexen before Cnooc announced plans to buy the Calgary-based energy company for $15.1 billion, according to the SEC. The regulator acted to freeze accounts less than 24 hours after Well Advantage placed an order to liquidate its position, it said. The investigation continues, it said July 27.

The traders may have to pay multiples of the profit they made from illegal deals to settle the case, based on previous incidents, said David Webb, the founder of corporate-governance website Webb-site.com. The frozen accounts may make a settlement more probable as the traders won’t be able to access cash, he said. Still, there may be a long-term impact on reputations.

“Cases such as this bring the integrity of the persons involved into question,” Webb said. “And, if they are running a bank or a listed company, then it tends to tarnish the firm too.”

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.

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.

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.

“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.

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.

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 controlled by Zhang Zhirong, also fell sharply. The stock was down 12.9 percent as of 0304 GMT.

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.

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.

Investors have turned cautious on the industry after it was dealt a heavy blow by the economic downturn, with orders shrinking last year and the sector yet to fully recover.

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.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is issued by China Rongsheng Heavy Industries Group Holdings Limited (the "Company") in accordance with Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcement of the Company dated 21 March 2012 in respect of the issue of medium-term notes by its subsidiary, Jiangsu Rongsheng Heavy Industries Co., Ltd. (江 蘇熔盛重工有限公司) ("Jiangsu Rongsheng Heavy Industries"), in the People"s Republic of

Pursuant to the relevant rules and regulations in the PRC, the unaudited financial information (the "Unaudited Quarterly Financial Information") of Jiangsu Rongsheng Heavy Industries, which is indirectly owned by the Company as to approximately 96.38%, and its subsidiaries for the nine months ended 30 September 2014 was published on http://www.chinabond.com.cn/www.chinabond.com.cn and www.chinamoney.com.cn on 17 October 2014.

Set out below are the key unaudited financial figures of Jiangsu Rongsheng Heavy Industries and its subsidiaries for the nine months ended 30 September 2014 as included in the Unaudited Quarterly Financial Information, which have been prepared in accordance with the PRC Generally Accepted Accounting Principles and have not been audited:

of www.chinabond.com.cn and www.chinamoney.com.cn to provide further information with respect to its unaudited financial information for the nine months ended 30 September 2014, the key contents of which is set out below in this announcement.

For the nine months ended 30 September 2014, Jiangsu Rongsheng Heavy Industries and its subsidiaries recorded an operating loss and a total loss of approximately RMB2,778.6 million and RMB3,362.2 million respectively, and a net loss of approximately RMB3,362.2 million

The net loss incurred for the nine months ended 30 September 2014 was primarily due to the low prices of shipbuilding orders in depressed market conditions and the diminishing profitability of the conventional shipbuilding business. The net loss was also due to the decline of production activities of Jiangsu Rongsheng Heavy Industries despite considerable fixed production cost and the adjustment of the contract price of certain shipbuilding contracts. Such loss may lead to adverse effects on the production and operation, financial position and repayment capacity of Jiangsu Rongsheng Heavy Industries. Jiangsu Rongsheng Heavy Industries has been proactively adopting measures to improve operational performance and financial position, and to mitigate liquidity pressure. These measures include but are not limited to: actively negotiating with principal banks in the PRC on the terms and conditions of the extension and renewal of borrowings; obtaining financial support from a shareholder of its holding company; negotiating for better payment terms and revising up prices of certain existing shipbuilding orders; redesigning operation flow and controlling costs for existing shipbuilding orders; maximizing sales efforts and obtaining the appropriate project-based financing; establishing strategic cooperation with key suppliers with a view to reduce the costs of supplies.

The Unaudited Quarterly Financial Information and the key unaudited financial figures disclosed in this announcement have been prepared in accordance with the PRC Generally Accepted Accounting Principles and have not been audited. Shareholders and potential investors are cautioned not to unduly rely on such information, and should exercise caution when dealing in the shares of the Company.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

The Panama Maritime Authority (AMP) said it has recovered more than $15.7 million in wage payments owed to seafarers who sail on Panamanian-flagged vessels.Under its current administration, through the General Directorate of Seafarers (DGGM), the AMP said it has recovered $15,763,052.24 for vessel crewmembers, including $5,315,909.99 in 2022.The AMP said that during this span 1,248 maritime labor complaints were processed (including 451 in 2022) and that 1,864 crew members of various nationalities have been repatriated through the intervention of the AMP the shipowners

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.

Caledonian Maritime Assets Ltd (CMAL) confirmed the signing of the Bank Refund Guarantee (BRG) for two new vessels for the Little Minch routes between Uig, Lochmaddy and Tarbert (Harris).Work to build the ferries will now begin at Cemre Marin Endustri A.S shipyard in Turkey, with an expected delivery date for both in June and October 2025 respectively.They will be built to the same specification as the vessels for Islay, which are already under construction at Cemre. Both are currently ahead of schedule.Jim Anderson, director of vessels at CMAL, said, “Now that the BRG has been signed, construction of the two new vessels can begin at Cemre.

Wisconsin Gov. Tony Evers, together with the state"s Department of Transportation (WisDOT), announced grants totaling $5.3 million for seven harbor maintenance and improvement projects to promote waterborne freight and economic development.“From the Great Lakes to the Mississippi River, Wisconsin’s unique geography provides our state opportunities to grow our economy and help our businesses reach markets worldwide,” said Gov. Evers. “These grants will help maintain our harbors and ensure our ports are secure and reliable, all while strengthening our supply chains and our commitment to our port cities.

The Panama Maritime Authority (AMP) said it has recovered more than $15.7 million in wage payments owed to seafarers who sail on Panamanian-flagged vessels.Under its current administration, through the General Directorate of Seafarers (DGGM), the AMP said it has recovered $15,763,052.24 for vessel crewmembers, including $5,315,909.99 in 2022.The AMP said that during this span 1,248 maritime labor complaints were processed (including 451 in 2022) and that 1,864 crew members of various nationalities have been repatriated through the intervention of the AMP the shipowners

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.

Caledonian Maritime Assets Ltd (CMAL) confirmed the signing of the Bank Refund Guarantee (BRG) for two new vessels for the Little Minch routes between Uig, Lochmaddy and Tarbert (Harris).Work to build the ferries will now begin at Cemre Marin Endustri A.S shipyard in Turkey, with an expected delivery date for both in June and October 2025 respectively.They will be built to the same specification as the vessels for Islay, which are already under construction at Cemre. Both are currently ahead of schedule.Jim Anderson, director of vessels at CMAL, said, “Now that the BRG has been signed, construction of the two new vessels can begin at Cemre.

Wisconsin Gov. Tony Evers, together with the state"s Department of Transportation (WisDOT), announced grants totaling $5.3 million for seven harbor maintenance and improvement projects to promote waterborne freight and economic development.“From the Great Lakes to the Mississippi River, Wisconsin’s unique geography provides our state opportunities to grow our economy and help our businesses reach markets worldwide,” said Gov. Evers. “These grants will help maintain our harbors and ensure our ports are secure and reliable, all while strengthening our supply chains and our commitment to our port cities.

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.

Another once-leading privately-owned yard China Huarong Energy Company, previously and better known as China Rongsheng Heavy Industries, continues to struggle with debts and ongoing talks with its creditors. The shipbuilder with huge yard facilities is now literally a �ghost yard�, where operations have ceased as funds dried up.

Jiangsu Rongsheng Heavy Industries Group Co. used to employ more than 30,000 people in the eastern city of Rugao. Once China�s largest shipbuilder, by 2015 Rongsheng was on the verge of bankruptcy. Orders had dried up and banks are refusing credit. Questions have been raised about the shipyard�s business practices, including allegations of padded order books. And Rongsheng was apparently behind on repaying some of the 20.4 billion yuan in combined debt owed to 14 banks, three trusts and three leasing firms.

Rongsheng is on the ropes now that it had completed a multi-year order for so-called Valemax ships for the Brazilian iron ore mining giant Companhia Vale do Rio Doce. The last of these 16 bulk carriers, the Ore Ningbo, was delivered in January 2015. With a carrying capacity of up to 400,000 tons, Valemaxes are the world�s largest ore carriers. Vale hired Rongsheng to build the ships starting in 2008, and has tolerated the shipyard�s slow pace: The Ore Ningbo was delivered three years late. Rongsheng employees said the Ore Ningbo may have been the shipyard�s last product because no new ship orders are expected and all contracts for unfinished ships have either been canceled or are in jeopardy.

Founder and former chairman Zhang Zhirong started the company in 2005 with money made when he worked as a property developer in the 1990s. The new shipyard stunned the industry by clinching major vessel orders from the start, even at a time when most of the world�s shipyards were slumping. Rongsheng�s success attracted investors and banks to the company�s side, fueling its expansion.

The shipyard, a sprawling facility spread across one-third of Changqingsha Island in the middle of the Yangtze River, suffered from a lack of capacity and management problems. As a result, the company had trouble meeting its contract obligations, including delivery timetables. Rongsheng�s problems were tied to difficulties with delivering ships. Many of Rongsheng�s order cancellations were due to its own delivery delays.

After the global financial crisis of 2008, many ship owners could no longer afford paying in advance for new vessels. So builders such as Rongsheng started arranging up-front financing with Chinese banks that got projects off the ground.

Rongsheng built ships with a combined capacity of 8 million tons in 2010 and was preparing to begin filling US$ 3 billion in new orders the following year. But the company�s 2011 orders wound up totaling only US$ 1.8 billion. That same year, Rongsheng�s customers canceled contracts for 23 new vessels.

In 2012, Rongsheng received orders for only two ships. Layoffs ensued, with some 20,000 workers getting the axe. The company closed the year with a net loss of 573 million yuan, down from a 1.7 billion yuan net profit in 2011 and despite 1.27 billion yuan in government subsidies. The bleeding worsened in 2013, with 8.7 billion yuan in reported losses. Despite a recovery of the Chinese shipbuilding industry in 2014, Rongsheng saw no relief, as its clients canceled orders for 59 vessels that year.

Roxen Shipping, a company controlled by Chinese businessman Guan Xiong, reportedly stepped in to rescue some US$ 2 billion worth of ship contracts that were canceled by Rongsheng�s other customers. Without these orders, Rongsheng never would have maintained its status as the No. 1 shipbuilder in China from 2009 to 2013.

Rongsheng�s capital crunch worsened since February 2014, when the China Development Bank (CDB) demanded more collateral after the company failed to make a scheduled payment on a 710 million yuan loan. When Rongsheng refused, the CDB called the loan. Other banks that issued loans to the shipbuilder had taken similar steps.

Rongsheng�s weak financial position was highlighted by a third-quarter 2014 financial report in which the company posted a net loss of 2.4 billion yuan. It also reported 31.3 billion yuan in liabilities, including 7.6 billion yuan worth of outstanding short-term debt.

It would cost at least 5 billion yuan to restart operations at Rongsheng�s facility, plus they have a huge amount of debt. Buying Rongsheng would not be a good deal.

Hundreds of sub-contract workers had protested outside the shipbuilder’s production base in Rugao, Jiangsu province on Tuesday, demanding unpaid wages and job offers, the state-run Xinhua news agency reported on Wednesday.

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.

The company said the lay-off was also due to its restructuring plan as it seeks to shift its business from that of a bulk carrier builder to an offshore vessel manufacturer.

The company put a cap on base salaries for both its management and workers in April. It also owes 6.7 billion yuan ($1.1 billion) in bank loans, Xinhua reported.

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.

But after listing on the Hong Kong stock exchange in November 2010, the shipbuilder’s share price kept falling as the shipping and commodities markets tumbled.

China Rongsheng Heavy Industries Group Holdings Ltd, the private-sector shipbuilder that had sought financial assistance, has secured cash for restructuring and announced changing the company"s name as it shifts focus to energy.

The country"s second-largest private vessel maker has been given a HK$3.23 billion ($417 million) cash injection, the company said in Hong Kong Stock Exchange filings.

The company"s struggles illustrate the difficulties shipbuilders face in competing with State-owned yards that have government backing and easier access to financing.

Shifting its focus to oil will need a lot more funds, which Rongsheng already struggled to get as a shipbuilder, said Francis Lun, chief executive officer of Geo Securities Ltd.

"They are already having funding problems. Their gamble has backfired. Some people might be concerned they might need a lot of funding in future because oil exploration is a very capital-intensive business," said Hong Kong-based Lun.

The company had sought help from the government to benefit from a rebound in China"s shipbuilding industry after cutting its workforce and running up huge debts amid a global downturn in orders.

Rongsheng said it has now received the results of an appraisal by an independent assessor, which will be used as the basis for the restructuring in which it also plans to change its name to China Huarong Energy Co to more accurately reflect its expansion and new business scope.

Some of Rongsheng"s subsidiaries, including Hefei Rong An Power Machinery Co and Rongsheng Machinery Co, signed agreements with domestic lenders, led by Shanghai Pudong Development Bank, to extend debt repayments to the end of 2015.

The Shanghai-based company said on Aug 21 that it is entering the energy business by buying 60 percent in a Kyrgyzstan oilfield by issuing new shares. It said on Oct 15 that it is seeking to identify new investment opportunities outside of China including in Central Asia.

Shares in the maker of bulk carriers and oil tankers had been suspended from trading since Aug 29 in Hong Kong, pending the restructuring details. Rongsheng had first-half net losses of 3.06 billion yuan ($501 million), more than double last year"s.

Rongsheng was overdue on principal and interest payments on 8.57 billion yuan of bank loans on June 30, according to a Hong Kong Stock Exchange filing on Aug 29.

The shipyard of China Rongsheng Heavy Industries Group Holdings Ltd in Rugao, Jiangsu province. The company will generate HK$2.55 billion ($326.4 million) in a share sale in the next six months and HK$3.23 billion thereafter. Li Junfeng / China Daily

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