rongsheng group for sale

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.

Established in 1989 and located at Xiaoshan, Hangzhou, Zhejiang Rongsheng Holding Group Co Ltd has developed into a modern business group that excels in areas such as petrochemicals, chemical fibers, real estate and financial investment. It ranks 176th on the list of China’s Top 500 Enterprises, and 34th in China Top 100 Private Enterprises.

The group has recently developed a complete production line from aromatic hydrocarbon to downstream pure terephthalic acid (PTA), polyethylene terephthalate (PET, including bottle-grade PET, film) and polyester yarn (POY, FDY, DTY).

In the real estate industry, the group has established two major sectors: Shengyuan Real Estate and Ningbo United. Combining real estate development and the leisure industry, Rongsheng has successfully developed several classic projects such as Xianghu No 1, Liangzhu Cutural Park.

In financial investment, Rongsheng has invested in several commercial financial institutions, and actively engaged in the fields of modern medical treatment, bulk commodities and intellectualization.

Rongsheng group has established several listed companies, including Rongsheng Petrochemical and Ningbo United, covering the petrochemical and real estate industries.

Rongsheng insists on innovative development. Currently, the group has built various technological and scientific innovation platforms such as high-tech research and development centers, a workstation for academicians and experts, an enterprise technology center and a post-doctorate science and research workstation.

Cooperative relationships with Zhejiang University, Zhejiang Sci-Tech University and Tianjin Polytechnic University have been formed. A research and development (R&D) team was also established, gathering experts from many countries and regions. In recent years, Rongsheng group has made fruitful achievements in developing new products and new technology.

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.

SINGAPORE, Oct 14 (Reuters) - Rongsheng Petrochemical, the trading arm of Chinese private refiner Zhejiang Petrochemical, has bought at least 5 million barrels of crude for delivery in December and January next year in preparation for starting a new crude unit by year-end, five trade sources said on Wednesday.

Rongsheng bought at least 3.5 million barrels of Upper Zakum crude from the United Arab Emirates and 1.5 million barrels of al-Shaheen crude from Qatar via a tender that closed on Tuesday, the sources said.

Rongsheng’s purchase helped absorbed some of the unsold supplies from last month as the company did not purchase any spot crude in past two months, the sources said.

Founded in 1989, Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in petrochemical, polyester, spinning, texturing, coal chemicals, real estate, trading, logistics, and thermal power businesses. Rongsheng is a global company serving customers in China, Europe, America, and Asia.

The Group has proven to be a leader among its competitors in each industry and has over ten subsidiaries, three of which are public companies, including Rongsheng Petrochemical Co. Ltd., Yibing Tianyuan Group Co. Ltd., and Ningbo United Group Co. Ltd. In 2014, the Group’s sales revenue surpassed RMB ￥60 Billion (CAD $10 Billion). In 2015, Rongsheng was a top 10 petrochemical industry leader in China.

Mr. Li Shuirong, Chairman of Rongsheng Holding Group serves as the Chairman of Rongsheng Petrochemical Co. Ltd., Vice President of the Zhejiang Private Economy Academy and Director of the Zhejiang Operation Management Academy. Mr. Li is a recognized philanthropist and greatly believes in giving back to the community especially in building schools to educate future generations as well as for those in need.

This company operates as a holding firm for a group of subsidiaries engaged in polyester, spinning, false-twisting, coal chemicals, real estate, venture investment business activities. It was incorporated in 2006 and has its registered office in Hangzhou, China. As a holding company, it handles the administrative affairs and services and grants management services to its subsidiaries, as well as provides financial support and control function for the board. Furthermore, the firm is responsible for managing the group and its overall legal structure, tax planning, financial and equity structures. It is also in -charge in various matters relating to policy, strategic planning, marketing, selecting and manning senior management positions, approving investments and budgets, and the overall ongoing monitoring of the group"s performance.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., the shipbuilder whose woes made it a symbol of the country’s credit binge, said it planned to sell assets to an unidentified Chinese acquirer.

The company intends to sell the core assets and liabilities of its onshore shipbuilding and offshore engineering businesses, according to a statement to the Hong Kong exchange Monday. Rongsheng’s shares, which were halted March 11, will resume trading on March 17.

Once China’s largest shipbuilder outside government control, Shanghai-based Rongsheng has been searching for funds after orders for new ships dried up and the company fell behind on principal and interest payments on 8.57 billion yuan ($1.4 billion) of bank loans. Rongsheng’s struggles illustrate the difficulties shipbuilders face in competing with state-owned yards that have government backing and easier access to funds.

Rongsheng and the proposed buyer have entered into an exclusivity period while assets and liabilities are valued, according to the statement. The agreement will expire on June 30, the company said.

Rongsheng said March 5 it wouldn’t proceed with a proposed warrant sale after Kingwin Victory Investment Ltd. owner Wang Ping — a potential investor who had pledged as much as HK$3.2 billion ($412 million) — was said to have been detained.

Yangzijiang Shipbuilding Holdings Ltd. said previously it had been approached by China’s government about buying a stake in Rongsheng, and that no decision had been made. Yangzijiang Chief Financial Officer Liu Hua said today that the company isn’t involved in the agreement announced by Rongsheng, according to the company’s external representative.

Rongsheng has sought help from the government to benefit from a rebound in China’s shipbuilding industry — the world’s second biggest — after cutting its workforce and running up debts amid a global downturn in orders.

In September, the government responded by listing Rongsheng’s Jiangsu shipyard unit among 51 shipbuilding facilities in China deemed worthy of policy support as the industry grapples with overcapacity.

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 company said in October.

Rongsheng Petrochemical Co., Ltd. engages in the research, development, production, and sale of chemical, oil, and polyester products. It offers gasoline, diesel fuel, kerosene, paraxylene, ethylene glycol, styrene 156, m-xylene, polyethylene, polypropylene, EVA, polycarbonate, ABS, PTA, PIA, filament, bottle flakes, and film. The company also offers olefins and their downstream, aromatics and their downstream, oil products, etc., which are widely used in covering new energy, new materials, organic chemicals, synthetic fibers, synthetic resins, Synthetic rubber, oil products, and other fields. The company was founded in 1995 and is based in Hangzhou, China. Rongsheng Petrochemical Co., Ltd. is a subsidiary of Zhejiang Rongsheng Holding Group Co., Ltd.

SINGAPORE, Jun 2, 2022 (China Knowledge) – China’s leading chemical company Rongsheng Petrochemical (002493) has moved up two notches this year to rank the 8th place on Top 10 Most Valuable Chemicals Brands. It is the only Chinese chemical brand that placed in the global top list that include multinational companies like BASF, SABIC, LG Chem, Dow, Linde, LyondellBasel, Asahi Kasei, Mitsubishi Chemical and Shin-Etsu.

With brand value worth US$2.3 bln, up 42.9% year on year, Rongsheng Petrochemical has become the most valuable Chinese brand in this year’s Chemical 25 ranking. Besides brand value, Brand Finance, also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. In accordance to Rongsheng Petrochemical’s evaluation, its brand’s strength index moved up from an A+ rating in 2021 to an AA- rating in 2022.

What differentiate Rongsheng Petrochemical with domestic and foreign peers is the company’s emphasis and commitment on sustainability and green development. For example, it purifies carbon dioxide in its refining-petrochemical integrated complex, and using it to produce downstream chemical products. Renewal energy and material wise it is currently the largest supplier of solar-grade EVA for the photovoltaic industry as well as the largest supplier of food grade recycled PET bottle flakes in China.

In addition to its brand value Rongsheng Holding as a group is also listed in the Fortune Global 500 in terms of sales revenue. Last year the Chinese giant, as a group, was placed 255th with USD 44.7 bln revenue achieved in 2020. The latest Fortune Global 500 in 2022 to be published next month is expected to elevate many placings due to its whopping increase in revenue last year.

Sinochem Petrochemical Distribution Co., Ltd. (Sinochem Petrochemical Distribution) and Zhejiang Rongsheng Holding Group (Rongsheng Group) signed a memorandum of cooperation at the headquarters of Sinochem Petrochemical Distribution. The two parties intend to establish long-term cooperation in the procurement and sales of petrochemical products.

Deputy General Manager Wang Guolun gave a detailed introduction on the company profile, marketing capabilities, organizational structure, innovation platform, etc. He said that Sinochem Petrochemical Distribution will continue to follow the direction of professionalization and integration, improve the industrial chain, strengthen industrial coordination, and gradually build up a development model with Sinochem characteristics for petrochemical product marketing. In addition, the Company will build Sinochem Group"s internal unified sales platform, external professional operation platform, integrated service and e-commerce platform to meet customers" most optimized "one-stop" procurement needs with innovative transaction models, abundant high-quality resources, fast information services and thoughtful online customer service. In 2017, Sinochem Petrochemical Distribution sold products to eight provinces – Liaoning, Shandong, Jiangsu, Zhejiang, Fujian, Jiangxi, Hunan, and Guangdong. It is estimated that in 2018, it will import and export 600,000 tons of chemical products, with an annual sales volume of 10 million tons. At the same time, the two sides had extensive exchanges on the pre-sales of Sinochem Petrochemical Distribution"s ethylene products, reached a broad consensus on the product sales after Rongsheng Group"s ethylene project was put into production, and established in-depth cooperation intentions.

At the signing ceremony, Li Bo, General Manager of Sinochem Petrochemical Distribution, and Shou Baichun, General Manager of Rongsheng International Trading Co., Ltd. under Rongsheng Group, signed a memorandum of cooperation on behalf of both parties. Deputy General Manager Wang Guolun and Wang Xiaoling, Chief Financial Officer Zhang Tao, Senior Marketing Director Guo Hui, General Manager of East China Branch Zhou Jiankang, and Deputy Director of Chemicals, Rongsheng International Trading Co., Ltd. Wang Haidong, and others attended the signing ceremony.

General Manager Li Bo said that the two parties will strengthen partnership on petrochemical product trade and logistics to complement each other"s advantages and expand the business scope. Shou Baichun said that Rongsheng Group can work with Sinochem Petrochemical Distribution surrounding the logistics and distribution of petrochemical products, and that this will bring mutual benefits to both parties.