rongsheng chen quotation

Chen Qiang, Chairman and Chief Executive Officer of China Rongsheng Heavy Industries Group Holdings Limited entered into a share transfer agreement to acquire 7% stake in China Rongsheng Heavy Industries Group Holdings Limited (SEHK:1101) from Fine Profit Enterprises Limited for approximately HKD 820 million on January 24, 2013. Zhang Zhi Rong will pay HKD 1.674 per Share of China Rongsheng Heavy Industries Group Holdings Limited.

Rong Sheng Chen occupies the position of Chairman & President at Tatwah Smartech Co., Ltd., Chairman at Xindong Network Technology Co., Ltd. and Chief Executive Officer at Fujian New Doone Science & Technology Co., Ltd. (both are subsidiaries of Tatwah Smartech Co., Ltd.) and Chairman for K.H. Group Holdings Ltd.

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.

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.

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Based on CHEN RONGSHENG, the NERKRE trademark is used in the following business: Braids; Brassards; Buttons; Embroidery; Lace; Needles; Toupees; Wigs; Arm bands; Artificial flowers; Artificial fruit; Artificial garlands; Artificial plants, other than Christmas trees; Artificial vegetables; Beads, other than for making jewellery; Bridal headpieces in the nature of ornamental hair combs; Brooches for clothing; Corset busks; Edgings for clothing; Embroidery for garments; False beards; False hair; False moustaches; Foam hair rollers; Frills for attachment to clothing; Hair bands; Hair barrettes; Hair bows; Hair clips; Hair coloring foils; Hair colouring caps; Hair curlers, other than hand implements; Hair curling papers; Hair curling pins; Hair elastics; Hair extensions; Hair nets; Hair pins; Hair ribbons; Hair accessories, namely, hair sticks; Hair accessories, namely, hair ties and hair scrunchies; Human hair; Lace trimming; Needle cases; Pins, other than jewelry, being hair pins; Pins, other than jewelry, being hat pins; Ponytail holders and hair ribbons; Shoe laces; Wreaths of artificial flowers; Synthetic braiding hair.

Gasoline consumption is expected to pick up while jet fuel demand may take longer to recover, Chen Hongbing, deputy general manager at Rongsheng Petrochemical told a forum at the 38th Annual Asia Pacific Petroleum Conference (APPEC). Financial Post Top Stories

Diesel demand at the world’s top crude importer and No. 2 oil consumer has been robust this year, leading to low inventories, said the executive from China’s largest private refiner by capacity. (Reporting by Chen Aizhu, Muyu Xu, Emily Chow and Florence Tan; Editing by Jacqueline Wong)