rongsheng biz in stock

SHANGHAI, March 5 (Reuters) - China Rongsheng said it had scrapped a warrant issue that would have given the heavily indebted shipbuilder a HK$3 billion ($416 million) cash lifeline after it was unable to contact the offer’s only subscriber.

Rongsheng’s shares fell as much as 8.1 percent in early Thursday trade, after it said it would no longer issue HK$510 million worth of warrants to Kingwin Victory Investment Ltd, a Cayman Islands-incorporated investment firm.

In a stock exchange filing, Rongsheng said it had scrapped the issue as it could not contact Kingwin’s owner Wang Ping after media reports said he had been detained by the Beijing police for matters not related to Rongsheng.

“The company has no information as to the details of the incident and has been unable to contact Mr. Wang Ping, which casts doubt over the ability of the subscriber to perform its obligations,” Rongsheng said.

Rongsheng, one of China’s largest shipbuilders, was gearing to move into oil exploration and change its name after becoming one of the most prolific casualties of the global shipping slump. It came close to insolvency in 2013 before agreeing with banks to extend its loans until the end of this year.

The warrant issue that Rongsheng had agreed with Kingwin in October would have entitled subscribers to buy up to 1.7 billion new shares at HK$1.60 each.

This would have raised about HK$3.23 billion for Rongsheng, the firm said at the time. A warrant entitles the holder to buy stock from the issuer at a specific price within a time frame. ($1 = 7.7552 Hong Kong dollars) (Reporting by Brenda Goh; Editing by Miral Fahmy)

HONG KONG, Oct 18 (Reuters) - China Rongsheng Heavy Industries Group Holdings Ltd plans to raise as much as $1.5 billion in an initial public offering in Hong Kong, sources close to the deal said on Monday.

Rongsheng, which kicks off its IPO pre-marketing on Monday, plans to use the proceeds for its shipbuilding and offshore engineering business, the term sheet said.

Rongsheng has not decided the base offering structure yet, but it has an overallotment option, which are all secondary shares to be sold by Chairman Zhang Zhi Rong.

[Press Release]CHINARONGSHENGHEAVYINDUSTRIESINITIATES RMB30 BILLION WORTH OFSTRATEGICCOOPERATION WITHCHINADEVELOPMENTBANK* * * *FACILITATES THEDEVELOPMENT OFHIGH-ENDOFFSHOREENGINEERINGEQUIPMENTMANUFACTURINGBUSINESS

(28 August 2011, Hong Kong) – China Rongsheng Heavy Industries Group Holdings Limited (“China Rongsheng Heavy Industries” or the “Group”; stock code: 01101.HK), a large heavy industries group in China, signed a strategic collaboration agreement with China Development Bank (“CDB”) at Nanjing on 26 August. According to the agreement, the Group is to initiate RMB 30 billion worth of strategic cooperation with CDB.Mr. Chen Qiang, Chief Executive Officer and Executive Director, said, “The rapid development of China Rongsheng Heavy Industries requires long-term support from CDB and other financial institutions. The execution of this strategic collaboration agreement demonstrates our good relationship with CDB. The two industry leaders join forces together at a time when the banking sector is tightening monetary policy and standardising financing activities in China, the partnership reflect strong confidence of the banking community in our prospects. It also consolidates our presence in the offshore engineering industry.”

Since the collaboration with CDB began in 2008, China Rongsheng Heavy Industries has further strengthened the relationship with the financial institution. The Group obtained strong support from CDB in particular for the construction of its offshore engineering production base. This strategic cooperation of RMB 30 billion will mainly contribute to the development of high-end offshore engineering equipment manufacturing business of the Group. CDB is to provide a range of financial services including financing planning, financial consultancy, integrated credit facility, and project development. These services would enhance the development of core business including shipbuilding and offshore engineering, and two other main business segments including marine engine building and engineering machinery at the same time.

Mr. Wang Quan, Deputy Secretary General of Jiangsu Provincial Government and Director of the Provincial Finance Office, Mr. Qin Yan, Director of National Defence Industry Office of Jiangsu Provincial Government, Ms. Chen Huijuan, Deputy Mayor of Nantong and Secretary of CPC Rugao Municipal Committee, Mr. Mao Juncai, President of CDB Jiangsu Branch, and Mr. Chen Qiang, Chief Executive Officer of China Rongsheng Heavy Industries all attended the signing ceremony.

CDB has previously granted project loans and credit to the Group, supporting the Group’s development of high-end offshore engineering equipment manufacturing. For example, in December 2009, it served as the lead arranger for a RMB 2.15 billion syndicated loan to the Group for an offshore engineering project. With the increasing demand for deep ocean oil and gas to satisfy China’s expanding energy needs, offshore engineering has been positioned as a key emerging industry supported by the country. The Group is enhancing its R&D in high-end offshore engineering equipment. As one of the major banks supporting emerging industries, CDB has been actively assisting the implementation of large projects in the offshore engineering industry. The signing of the strategic collaboration agreement between China Rongsheng Heavy Industries and CDB in the initial year of the Twelfth Five-Year Plan period is of profound importance in creating a new scope of cooperation for both parties.

Mr. Chen Qiang concluded, “Since August 2010, China Rongsheng Heavy Industries has signed strategic cooperative agreements with financial institutions including the Export-Import Bank of China, Bank of China, Agricultural Bank of China, China Everbright Bank, China CITIC Bank and CDB and secured a huge amount of credit limit. The strong support from both domestic and overseas banks has added strategic significance for the Group’s corporate development and amply demonstrates their confidence in the Group.”

Established in 2005, Rongsheng advanced to become a market leader in the Chinese shipbuilding industry within five years. According to Clarkson Research, Rongsheng was the second largest shipbuilder and the largest privately-owned shipbuilder in the PRC in terms of total order book measured by DWT as of end of 2010, and had the largest shipyard in the PRC. Rongsheng was also a global leader in manufacture of VLOCs of over 400,000 DWT. Headquartered in Hong Kong and Shanghai, Rongsheng has production facilities in Nantong of Jiangsu Province and Hefei of Anhui Province. Currently, Rongsheng’s business spans four segments: shipbuilding, offshore engineering, marine engine building and engineering machinery. Rongsheng products include bulk carriers, crude oil tankers, containerships, offshore engineering products, low-speed marine diesel engines and small to mid-size excavators for construction and mining uses. It has established strategic cooperations with renowned international classification societies including DNV, ABS, LR, GL and CCS, and has built a customer base including enterprises such as CNOOC, Vale, Geden Line, Cardiff Marine Inc., MSFL and Frontline Ltd. The Group’s products have been sold to 11 countries and regions including Turkey, Norway, Germany, Brazil, Singapore and China.

[Press Release]CHINARONGSHENGHEAVYINDUSTRIESAWARDED“THESHIPBUILDINGAWARD” BYSEATRADE* * * *CONSOLIDATESLEADINGPRESENCE INSHIPBUILDINGMARKETSTRIVES TOGROW INTO ALARGEHEAVYINDUSTRIESGROUP WITH ALEADINGGLOBALPRESENCE

(20 June 2011, Hong Kong) – China Rongsheng Heavy Industries Group Holdings Limited (“Rongsheng” or the “Group”; stock code: 01101.HK), a large heavy industries group in China, has garnered “The Shipbuilding Award” in the Seatrade Asia Awards 2011. This year marks the second time the Group has been honored with this award and the third consecutive year it has received an award at the event. Mr. Chen Qiang, Chief Executive Officer and Executive Director of China Rongsheng Heavy Industries, was also honoured with the Seatrade Personality of the Year and received the award on behalf of the Group.

The presentation ceremony for the Seatrade Asia Awards 2011 organised by Seatrade was held at the Grand Hyatt Hong Kong on 17 June. The judging panel comprising authoritative professionals in the industry assessed entrants in all categories by six criteria. These criteria included their contribution to the development of sea commerce in the whole region and commitment to technology, innovation in operations or business, commitment to safety and quality, social and environmental responsibilities, business position and performance, as well as efforts in staff training and development. Apart from the above criteria, The Shipbuilding Award won by the Group also evaluates achievements in five other areas, including business profitability, reliability record, rate of loss time accidents, post-delivery service and design innovation. The Seatrade Asia Awards are the most authoritative prizes in Asia’s marine industry and are highly regarded in the global marine industry.Mr. Chen Qiang, Chief Executive Officer and Executive Director of China Rongsheng Heavy Industries, said, “China Rongsheng Heavy Industries has been selected from among a number of shipbuilders to win this award once again. This success is not only a testament to the strong capability of the Group, but also a strong recognition by the Asian shipbuilding industry of the rapid growth in the Group’s shipbuilding results and technology. China Rongsheng Heavy Industries was founded in 2005 and has rapidly grown into the second largest shipbuilder and the largest privately owned shipbuilder in China within six years. Currently, the Group owns the largest shipyard in China and is the global market leader in the manufacture of very large ore carrier (VLOCs) of 400,000 DWT. Winning this shipbuilding industry award again is solid proof of the Group’s leading position in the industry.”

In the past year, China Rongsheng Heavy Industries has captured market opportunities, actively expanding domestic and overseas markets while developing innovative technologies. As a result, it is the leader within China in securing new order volume for the second consecutive year, ranks first domestically and fifth globally in terms of order book, and has achieved a number of additional milestones. In May 2011, the world’s first-ever 3,000-meter deepwater pipelaying crane vessel built by the Group was christened “Ocean Pec 201”. Also this year, the world’s largest gantry crane with a lifting capacity of 1,600 tonnes was built by the Group, which significantly enhanced its core competitiveness. The Group has also signed new orders with shipowners in Greece and China, further consolidating its development foundation and generating new growth momentum.

Established in 2005, Rongsheng advanced to become a market leader in the Chinese shipbuilding industry within five years. According to Clarkson Research, Rongsheng was the second largest shipbuilder and the largest privately-owned shipbuilder in the PRC in terms of total order book measured by DWT as of end of 2010, and had the largest shipyard in the PRC. Rongsheng was also a global leader in manufacture of VLOCs of over 400,000 DWT. Headquartered in Hong Kong and Shanghai, Rongsheng has production facilities in Nantong of Jiangsu Province and Hefei of Anhui Province. Currently, Rongsheng’s business spans four segments: shipbuilding, offshore engineering, marine engine building and engineering machinery. Rongsheng products include bulk carriers, crude oil tankers, containerships, offshore engineering products, low-speed marine diesel engines and small to mid-size excavators for construction and mining uses. It has established strategic cooperations with renowned international classification societies including DNV, ABS, LR, GL and CCS, and has built a customer base including enterprises such as CNOOC, Vale, Geden Line, Cardiff Marine Inc., MSFL and Frontline Ltd. The Group’s products have been sold to 11 countries and regions including Turkey, Norway, Germany, Brazil, Singapore and China.For press enquiries:Strategic Financial Relations (China) LimitedMs. Anita CheungTel: (852) 2864 4827Email: anita.cheung@sprg.com.hk

Rongsheng Petro Chemical Co and Zhejiang Hailide New Material Co, both listed on Shenzhen"s main board, as well as Shanghai-listed Tongkun Group Co all soared by the maximum 10 percent.

Late last year, Goldman and other international funds bought a $600 million stake in Yangfan"s bigger rival Rongsheng Heavy Industries Group, Reuters said, citing unidentified sources.