rongsheng quotation

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.

RONGSHENG PETROCHEMICAL CO., LTD. is a China-based company principally engaged in the research, development, manufacture and distribution of chemicals and chemical fibers. The Company’s main products include aromatics, phosphotungstic acid (PTA), polyethylene terephthalate (PET) chips, terylene pre-oriented yarns (POYs), terylene fully drawn yarns (FDYs) and terylene draw textured yarns (DTYs), among others. The Company distributes its products in domestic market and to...More

HONG KONG, July 5 (Reuters) - China Rongsheng Heavy Industries Group, China’s largest private shipbuilder, has laid off some workers and is also delaying payments to suppliers and other employees, the company said on Friday.

China Rongsheng said it was expecting a net loss for the six months that ended June 30, 2013 from a year earlier, according to a filing to the Hong Kong stock exchange.

Trading in shares of China Rongsheng will resume on Friday after being suspended on Thursday. On Wednesday, its shares closed down 10 percent at HK$1.06.

China Rongsheng is a major supplier of bulk carriers that ship iron ore from producer nations such as Brazil to China. Brazil’s Vale is one of its customers. (Reporting by Clement Tan and Twinnie Siu; Editing by Dean Yates)

China’s largest privately-held shipbuilder has been seen by many as a symbol of the decline of the shipbuilding industryover the past few years, one that has hit Rongsheng particularly hard.

Earlier this month, Rongsheng appealed to the Chinese government and their biggest shareholders for financial help after laying off a huge swath of its workforce, delaying payments to suppliers, and warning of a net loss for the first half of 2013.