rongsheng chen brands

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Zhang Zhirong quit to devote more time to his personal interests and will be replaced by the company’s chief executive officer, Chen Qiang, effective immediately, the company said on Monday in a statement to the Hong Kong stock exchange.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

Based on CHEN RONGSHENG, the EIZTON trademark is used in the following business: Dice; Dolls; Dumb-bells; Kites; Shuttlecocks; Skateboards; Swings; Abdomen protectors for athletic use; Artificial fishing bait; Body-building apparatus; Chess games; Chest developers; Chest expanders; Children"s educational toys for developing fine motor, oral language, numbers, counting, colors and alphabet skills sold in a fabric bag which has a clear vinyl window for viewing small trinkets and toys securely contained within the bag itself; Climbers" harness; Exercise equipment in the nature of exercise bands; Fishing rods; Fishing tackle; Fitness machines and equipment, namely, weights, treadmills, rowing machines, stair stepping machines, resistance machines, stationary cycles; Flying discs; Game apparatus, namely, bases, bats, and balls for playing baseball-like indoor and outdoor games; Inflatable swimming pools; Kite reels; Knee guards for athletic use; Leg guards for athletic use; Manually-operated exercise equipment; Play balloons; Portable games with liquid crystal displays; Rackets; Remote-controlled toy vehicles; Running machines; Shin guards for athletic use; Skipping ropes; Smart electronic toy vehicles; Smart robot toys; Spinning tops; Stationary exercise bicycles; Swimming rings; Talking toys; Toy cars; Toy drones; Toy masks; Toy putty; Toy robots; Toy scooters; Toy for pets; Waist protectors for athletic use; Waist trimmer exercise belts; Wrist guards for athletic use; Yoga blocks; In-line roller skates; Toy building blocks.

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.

Since Beijing appears intent on telling investors it is serious about changing the investment-led growth model of the world"s second-biggest economy and controlling a credit splurge, it may seem like the writing is on the wall for China Rongsheng Heavy Industries Group <1101.HK>.

Yet analysts say the government is more likely than not to judge that Rongsheng, which employs around 20,000 workers and has received state patronage, is too big and well connected to fail.

Supporting Rongsheng will not mean China"s economic reform plans are derailed, they say. Instead, it will mean reforms will be gradual and the government will cherry-pick firms it wants to support, which will exclude the small, private shipbuilders that have been folding in waves.

"Rongsheng is a flagship in the industry," said Lawrence Li, an analyst with UOB Kay Hian in Shanghai. "The government will definitely provide assistance if companies like this are in trouble."

Analysts say Rongsheng is possibly the largest casualty of a sector that has grown over the past decade into the world"s biggest shipbuilding industry by construction capacity. Amid a global shipping downturn, new orders for Chinese builders fell by half last year. In Rongsheng"s case, it won orders worth $55.6 million last year, compared with a target of $1.8 billion.

Rongsheng appealed for government aid on Friday, saying it was cutting its workforce and delaying payments to suppliers to deal with tightened cash flow.

In the prospectus for its initial public offer, Rongsheng said it received 520 million yuan of subsidies from the Rugao city government in the southern province of Jiangsu, where the company is based.

The state funds paid for research and development of new types of vessels, and were based in part on the "essential role we play in the local economy", Rongsheng said.

As the world"s largest shipbuilder, it had 1,647 shipyards in 2012, data from China Association of the National Shipbuilding Industry showed. Over 60 percent of its shipbuilders are based in Rongsheng"s province of Jiangsu.

Despite this, the government is providing support for the industry, a sign it will also support Rongsheng given its prominence in the sector, analysts said.

Analysts say what separates Rongsheng from many other companies are its connections with the government and state banks. Rongsheng"s Chief Executive Chen Qiang, for example, enjoys "special government allowances" granted by China"s cabinet, the firm"s annual reports say.

Rongsheng also said in its IPO prospectus that it has two five-year financing deals with Export-Import Bank of China that end in 2014 and in 2015, and a 10-year agreement with Bank of China <3988.HK> starting from 2009.

After all, local government coffers will suffer the biggest blow if Rongsheng goes bust. The firm had 168 million yuan of deferred income taxes in 2012.

Chen Qiang, chairman of China Rongsheng Heavy Industries Group Holdings Ltd., speaks during a news conference in Hong Kong, China, on Thursday, Nov. 29, 2012. Zhang Zhirong, the founder and biggest shareholder in Rongsheng, quit the board about five weeks after another company he controlled agreed to pay $14 million to resolve U.S. inside-trading claims. Photographer: Jerome Favre/Bloomberg via Getty Images

Can you imagine that the refrigerator has been used for more than 30 years, and the quality is still good! A few days ago, many videos about old refrigerators still working normally after more than 30 years went viral on the Internet. In the video, although the appearance of the refrigerator is old, it is still in good condition. Onlookers and netizens were amazed: which brand is so powerful! It turns out that this is the Rongsheng Refrigerator that made its debut in the 2022 World Cup in Qatar with the “Light of Rongsheng Refrigerator Domestic Products”. This 40-year-old national brand was first popular with the slogan “Rongsheng Rongsheng Quality Assurance”.

When it comes to the quality of Rongsheng refrigerators, Master Wang from Changsha has a great say. In his home, there is a 33-year-old double-door Rongsheng refrigerator. According to Master Wang, in the past 33 years, the refrigerator he bought has never been repaired due to quality problems. There was even a thunderstorm that burned down the entire building where Master Wang lived. Only his own refrigerator was fine. Every time this matter is brought up, Master Wang is very proud. It is the Rongsheng refrigerator that has saved himself enough face.

There is also Aunt Yang from Henan who can’t let go of her feelings for her old refrigerator. In 1983, Aunt Yang bought a Rongsheng refrigerator with her three-year salary. After more than 30 years, the refrigerator is still working well. Later, the filial daughter couldn’t stand it any longer, and proposed to exchange one for Aunt Yang, but Aunt Yang said she couldn’t bear it. Not only because the refrigerator can continue to be used, but also because of the 30-year relationship.

Similar to Aunt Yang, 83-year-old Uncle Chen from Sichuan is also an old user of Rongsheng for more than 30 years. For the still-used Rongsheng refrigerator, Uncle Chen described it as “so comfortable”. He hopes that the Rongsheng brand will continue to do so, and that the new refrigerator will be more powerful than the old refrigerator.

Like Master Wang, Aunt Yang, and Uncle Chen, there are many users who have witnessed the growth of Rongsheng in more than 30 years, and the stories of Rongsheng’s quality and emotional companionship are still being staged.

Since its birth in 1983, Rongsheng has integrated “quality” into its DNA, and “high quality” is the first magic weapon for Rongsheng to win. In the era when everyone was in short supply and products often needed to be supplied by “slips”, Rongsheng was one of the few brands that was first born with quality awareness. The quality management was comprehensive and strict, and the factory pass rate was always maintained at a high level.

It is understood that in order to provide consumers with reliable products, Rongsheng strictly controls the quality of the entire process from raw material and supplier selection, product development, manufacturing to quality inspection. In order to ensure the stability and superiority of the refrigeration performance of refrigerators, each production base of Rongsheng refrigerators has built the most reliable refrigeration detection system in the world. . Not only that, Rongsheng sends a large number of R&D personnel, engineers and technicians every year to go deep into shopping malls, maintenance outlets and users’ homes, to truly meet the needs of the market and consumers, and effectively promote product quality standards and requirements, R&D processes, design and production. Dynamic improvement of the quality of each link.

It has been 40 years since its birth, and Rong Shengnian has developed countless “China’s firsts” in the Chinese refrigerator industry, and also created many “world’s firsts”. Rongsheng does not hesitate to invest a lot of money, inspects advanced equipment and advanced technology all over the world, learns from others’ strengths, and uses them for its own use. In the 1990s, it not only set up a special technical research center in Japan, but also made breakthroughs in refrigerant technology. Rongsheng’s fluorine-free refrigerators were even collected by the United Nations Building.

In 2023, Rongsheng Refrigerator ushered in its 40th birthday. This national brand that started with quality and technology has achieved self-transformation through repeated innovations. With the glory and continued glory of this brand, the 40-year Rongsheng is worth having!

(Reuters) Chinese conglomerate Zhejiang Rongsheng Holding Group plans to double capacity of a joint venture refining project to 800 Mbpd in 2020, two years after the first phase starts up, senior company officials said Thursday.

The project, a venture among private companies led by Rongsheng, is planning to start up the 400 Mbpd first phase in 2018, aiming to meet the group"s requirements for petrochemical feedstocks.

A graduate of Beijing University, Rongsheng worked for the Beijing Institute for 10 years while Zhe was an associate professor at China"s National University of Defence Technology.

"Both Rongsheng and Zhe had been working with similar technologies within a university environment in China and so they are ideal candidates for ProtoDel."