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Lin Rongsheng is a Chinese Asian Modern & Contemporary artist who was born in 1958. Lin Rongsheng"s work has been offered at auction multiple times, with realized prices ranging from 254 USD to 119,642 USD, depending on the size and medium of the artwork. Since 2011 the record price for this artist at auction is 119,642 USD for LANDSCAPE OF LAO SHAN, sold at Poly International Auction Co. in 2014.

SHANGHAI (Reuters) - Goldman Sachs Group Inc and other overseas funds are close to finalizing a deal to buy a minority stake in Chinese shipbuilder Rongsheng Heavy Industries Group for about $600 million, sources familiar with the situation said on Monday.

“Rongsheng wants to bring in strategic investors before its initial public offering (IPO) of shares. Goldman and some other foreign funds have expressed an interest in it,” one of the sources, who declined to be identified, told Reuters.

Another source confirmed the Wall Street bank was among potential investors of Rongsheng, which is based in the eastern port city of Nantong, near Shanghai, and that an agreement had been reached on price, although the final documents had not yet been signed.

In April, privately held Rongsheng’s president Chen Qiang told Reuters that his company may sell a 20 to 25 percent stake to foreign investors prior to an overseas IPO as early as 2009.

“The deal is close to being finished and Goldman is also expected to sponsor Rongsheng’s IPO next year,” said the second source, adding that Rongsheng was considering the Hong Kong stock market as one option for its IPO.

Rongsheng, which aims eventually to compete with much bigger state-owned rivals such as Guangzhou Shipyard International Co, is joining many of its peers in seeking to tap the capital markets to fund rapid expansion, which has been fuelled by China’s booming global trade.

While expanding its product profile into crude oil tankers and container ships, Rongsheng is exploring opportunities in the maritime engineering sector to help offset a possible downturn in the cyclical industry, which may level off in the next few years.

Rongsheng was also in talks with several potential clients in the offshore engineering sector, including the country’s dominant offshore oil developer CNOOC Ltd., and hopes to land big-ticket orders soon, Chen told Reuters in April.

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.

Zhejiang Petrochemical started up the first phase of its complex which includes a 400,000-bpd refinery and a 1.2 million tonne-per-year ethylene plant at the end of 2019. (Reporting by Florence Tan and Chen Aizhu, editing by Louise Heavens and Christian Schmollinger)

Trading of shares and all structured products related to the company was suspended pending clarification of “news articles and possible inside information,” Rongsheng said in filings to the Hong Kong stock exchange. The Wall Street Journal reported yesterday, citing Lei Dong, secretary to the Shanghai- based company’s president, that more than half of the employees laid off were subcontractors and the rest full-time workers.

Rongsheng shares slumped 10 percent yesterday after the company said some idled contract workers had engaged in “disruptive” activities by surrounding the entrance of its factory in east China’s Jiangsu province. China’s shipyards are suffering from a global slump in orders as a glut of vessels and slowing economic growth sap demand. Brazil and Greece accounted for more than half of Rongsheng’s 2012 revenue.

“Rongsheng’s move reflects the bad market,” said Lawrence Li, an analyst at UOB-Kay Hian Holdings Ltd. in Shanghai. “More small-to-medium sized shipyards, especially those that lack government support, may take the same actions or even close down.”

Rongsheng spokesman William Li declined to comment on the Journal report. Four calls to Lei’s office at Rongsheng went unanswered. Rongsheng Chairman Chen Qiang also declined to comment today.

Rongsheng had as many as 38,000 workers including its own employees and contract staff at the peak of the industry boom a few years ago, UOB-Kay Hian’s Li said.

China Rongsheng posted a loss of 572.6 million yuan ($93 million) last year, after three consecutive years of profits, according to data compiled by Bloomberg. It had short-term debt of 19.3 billion yuan as of the end of 2012, the data show.

The shipbuilder targets new ship and offshore orders worth more than $2.3 billion this year, Chen said in Hong Kong in March. The shipbuilder pared about 3,000 employees last year as it aims to return to profit this year, he said at the time.

Rongsheng received orders to build a total of 16 Valemax vessels from Brazilian miner Vale SA and Oman Shipping Co. and had delivered 10 as of April. The commodity ships, among the biggest afloat, are about twice the size of the capesize vessels that have traditionally hauled iron ore from Brazil to China.

The company’s cash conversion cycle, a gauge of days required to convert resources into cash, more than doubled to 582 last year from 224 in 2011, the data show. China Rongsheng shares have fallen 15 percent this year in Hong Kong, compared with a 11 percent decline for the benchmark Hang Seng Index.