liu rongsheng made in china

SINGAPORE, Dec 5 (Reuters) - Chinese conglomerate Zhejiang Rongsheng Holding Group has hired a senior crude oil trader to be based in its Singapore office, a company official said on Tuesday.

Trader Ray Liu, formerly from BB Energy and Sinochem Corp, will join Rongsheng International Trading Co in January, said the official who declined to be named.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., the shipbuilder whose woes made it a symbol of the country’s credit binge, said it planned to sell assets to an unidentified Chinese acquirer.

The company intends to sell the core assets and liabilities of its onshore shipbuilding and offshore engineering businesses, according to a statement to the Hong Kong exchange Monday. Rongsheng’s shares, which were halted March 11, will resume trading on March 17.

Once China’s largest shipbuilder outside government control, Shanghai-based Rongsheng has been searching for funds after orders for new ships dried up and the company fell behind on principal and interest payments on 8.57 billion yuan ($1.4 billion) of bank loans. Rongsheng’s struggles illustrate the difficulties shipbuilders face in competing with state-owned yards that have government backing and easier access to funds.

Rongsheng and the proposed buyer have entered into an exclusivity period while assets and liabilities are valued, according to the statement. The agreement will expire on June 30, the company said.

Rongsheng said March 5 it wouldn’t proceed with a proposed warrant sale after Kingwin Victory Investment Ltd. owner Wang Ping — a potential investor who had pledged as much as HK$3.2 billion ($412 million) — was said to have been detained.

Yangzijiang Shipbuilding Holdings Ltd. said previously it had been approached by China’s government about buying a stake in Rongsheng, and that no decision had been made. Yangzijiang Chief Financial Officer Liu Hua said today that the company isn’t involved in the agreement announced by Rongsheng, according to the company’s external representative.

Rongsheng has sought help from the government to benefit from a rebound in China’s shipbuilding industry — the world’s second biggest — after cutting its workforce and running up debts amid a global downturn in orders.

In September, the government responded by listing Rongsheng’s Jiangsu shipyard unit among 51 shipbuilding facilities in China deemed worthy of policy support as the industry grapples with overcapacity.

Some of Rongsheng’s subsidiaries, including Hefei Rong An Power Machinery Co. and Rongsheng Machinery Co., signed agreements with domestic lenders, led by Shanghai Pudong Development Bank, to extend debt repayments to the end of 2015, the company said in October.

RM2CY8K6W–Labourers work at a Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: MARITIME BUSINESS CONSTRUCTION COMMODITIES)

RM2CXEFJ0–A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RMW96H39–--File--View of an exhibition hall at the headquarters of Rongsheng Heavy Industries Group in Nantong, east Chinas Jiangsu province, 4 November 2010.

RM2HMPEWX–Zhangjiakou, China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during cross-country skiing men"s 15km classic at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 11, 2022. Credit: Hu Huhu/Xinhua/Alamy Live News

RMW92M88–--FILE--The stand of Rongsheng Heavy Industries is seen during an exhibition in Shanghai, China, 29 November 2011. Rongsheng Heavy Industries, whose

RMW95J26–--FILE--Zhang Zhirong, Chairman of Glorious Property Holdings Limited and Chairman of Rongsheng Heavy Industries Group Holdings Ltd., attends a ground

RMW961RD–--FILE--View of the stand of Rongsheng Heavy Industries during an exhibition in Shanghai, China, 29 November 2011. China Rongsheng Heavy Industries

RMW95HXC–--FILE--Visitors look at the machines of Anhui Rongan Heavy Industry, the subsidiary of China Rongsheng Heavy Industries Group Holdings Ltd in an Expo

RM2CWMP5X–A vacant dormitory is seen at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2HMPDMD–Zhangjiakou, China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China passes the finish line during cross-country skiing men"s 15km classic at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 11, 2022. Credit: Mu Yu/Xinhua/Alamy Live News

RM2HKYKWJ–Zhangjiakou, China"s Hebei Province. 6th Feb, 2022. Liu Rongsheng (C) of China competes during Cross-Country Skiing Men"s 15km 15km Skiathlon at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 6, 2022. Credit: Hu Huhu/Xinhua/Alamy Live News

RMW95J09–--FILE--Visitors look at the machines of Anhui Rongan Heavy Industry, the subsidiary of China Rongsheng Heavy Industries Group Holdings Ltd in an Expo

RMW96KRG–--File--Visitors are seen in the exhibition hall at the headquarters of Rongsheng Heavy Industries Group in Nantong, east Chinas Jiangsu province, 4 N

RM2D0PB6A–A closed police station is seen at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY CRIME LAW)

RM2HKYJWB–Zhangjiakou, China"s Hebei Province. 6th Feb, 2022. Liu Rongsheng (R) of China competes during Cross-Country Skiing Men"s 15km 15km Skiathlon at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 6, 2022. Credit: Mu Yu/Xinhua/Alamy Live News

RMW96KTG–--FILE--People visit the headquarters of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 4 November 2010. Shipbuilder Chin

RMW92M7G–--FILE--A Chinese employee poses at the stand of Rongsheng Heavy Industries during an exhibition in Shanghai, China, 29 November 2011. Rongsheng Hea

RM2CYH4T9–Workers ride a motorcycle past closed restaurants at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2HKYWMC–Zhangjiakou, China"s Hebei Province. 6th Feb, 2022. Liu Rongsheng of China competes during Cross-Country Skiing Men"s 15km 15km Skiathlon at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 6, 2022. Credit: Liu Chan/Xinhua/Alamy Live News

RMW961KH–--FILE--A Chinese employee poses at the stand of Rongsheng Heavy Industries during an exhibition in Shanghai, China, 29 November 2011. China Rongshe

RMW8CJA6–--FILE--A netizen browses the Chinese website of Rongsheng Heavy Industries in Liaocheng city, east China"s Shandong province, 3 July 2013. Chinese

RMW8YJ5G–--FILE--A ship is being built at the shipyard of Rongsheng Heavy Industries in Rugao, Nantong city, east Chinas Jiangsu province, 12 December 2013.

RM2D01WH0–A worker rides a bicycle inside of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2HKYH9T–Zhangjiakou, China"s Hebei Province. 6th Feb, 2022. Liu Rongsheng (front) of China competes during Cross-Country Skiing Men"s 15km 15km Skiathlon at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 6, 2022. Credit: Zhang Hongxiang/Xinhua/Alamy Live News

RMW8WYE1–--FILE--A signboard of Rongsheng is pictured at a shipyard of Rongsheng Heavy Industries in Rugao city, east Chinas Jiangsu province, 12 December 2013

RM2CXAAER–Workers ride motorcycles and bicycle after their shifts at an entrance of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RMW96KPW–--FILE--Chinese workers are building a ship at the shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 4 November 20

RMW91GDK–--FILE--A netizen browses the Chinese website of Rongsheng Heavy Industries in Liaocheng city, east Chinas Shandong province, 3 July 2013. China Ron

RM2HKYH4D–Zhangjiakou, China"s Hebei Province. 6th Feb, 2022. Liu Rongsheng (front) of China competes during Cross-Country Skiing Men"s 15km 15km Skiathlon at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 6, 2022. Credit: Guo Cheng/Xinhua/Alamy Live News

RM2CY7A2X–A worker rides a motorcycle on an empty street at the Rongsheng community in Nantong, Jiangsu province December 4, 2013. Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS EMPLOYMENT SOCIETY)

RM2CXP561–Chen Qiang, chief executive officer of China Rongsheng Heavy Industries, attends the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province, May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: BUSINESS COMMODITIES MARITIME TRANSPORT)

RMW91GEJ–--FILE--A netizen browses the Chinese website of Rongsheng Heavy Industries in Liaocheng city, east Chinas Shandong province, 3 July 2013. China Ron

RM2HKYH7D–Zhangjiakou, China"s Hebei Province. 6th Feb, 2022. Liu Rongsheng of China competes during Cross-Country Skiing Men"s 15km 15km Skiathlon at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 6, 2022. Credit: Mu Yu/Xinhua/Alamy Live News

RMW8YE7M–--FILE--View of a shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 24 May 2012. China Rongsheng Heavy Industrie

RM2HN07XA–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Hu Huhu/Xinhua/Alamy Live News

RM2CXEBAD–Claudio Alves, Global Marketing Director of Vale, World"s largest iron ore miner, attends the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province, May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: BUSINESS COMMODITIES MARITIME TRANSPORT)

RMW93H43–--FILE--Ships are being built at a shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 24 May 2012. China Rongshen

RM2HN0G5E–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Zhang Hongxiang/Xinhua/Alamy Live News

RM2CY9JR4–Claudio Alves, Global Marketing Director of Vale, World"s largest iron ore miner, attends the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province, May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: BUSINESS COMMODITIES MARITIME TRANSPORT)

RMW93H40–--FILE--Ships are being built at a shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 24 May 2012. China Rongshen

RM2HN20KG–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Liu Chan/Xinhua/Alamy Live News

RM2CXCXJB–VIP guests visit a 380,000 DWT class Very Large Ore Carrier (VLOC) during the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: MARITIME BUSINESS COMMODITIES)

RMW93H3M–--FILE--Ships are being built at a shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 24 May 2012. China Rongshen

RM2HN0G8E–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Zhang Hongxiang/Xinhua/Alamy Live News

RM2CY9JR2–Workers stand in front of a 380,000 DWT class Very Large Ore Carrier (VLOC) during the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: MARITIME BUSINESS COMMODITIES)

RMW93H6B–--FILE--Ships are being built at a shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 24 May 2012. China Rongshen

RM2HN2122–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Liu Chan/Xinhua/Alamy Live News

RMW8YE7R–--FILE--View of a shipyard of Rongsheng Heavy Industries in Nantong city, east Chinas Jiangsu province, 23 May 2012. A heavily indebted Chinese shi

RM2HMMKN4–Zhangjiakou, China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during cross-country skiing men"s 15km classic of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 11, 2022. Credit: Liu Chan/Xinhua/Alamy Live News

RM2HN211R–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng pf China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Deng Hua/Xinhua/Alamy Live News

RM2CWKEG9–Workers stand in front of a 380,000 DWT class Very Large Ore Carrier (VLOC) during the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: MARITIME BUSINESS COMMODITIES)

RMW96MJM–--FILE--A shipbuilding plant of China Rongsheng Heavy Industries Group Holdings Ltd is seen in Nantong city, east Chinas Jiangsu province, 23 May 2012

RMW96KT6–--FILE--Chinese workers walk past the logo of China Rongsheng Heavy Industries Group Holdings Ltd in an office building in Nantong city, east Chinas A

RM2HN1YFX–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng (R) of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Mu Yu/Xinhua/Alamy Live News

RMW93F2K–--FILE--Chinese workers queue up to board a bus at a shipyard of Rongsheng Heavy Industries in Rugao city, east Chinas Jiangsu province, 23 August 201

RMW93H3T–--FILE--Chinese employees work at a shipbuilding plant of Jiangsu Rongsheng Heavy Industries Group Co. ,Ltd. in Nantong, east Chinas Jiangsu province,

RMW98F60–53-year old Hang Rongsheng measures the model of the Yellow Crane Tower, made from toothpicks, in Shanghai, China, 22 August 2011. Hang Rongsheng, c

RM2CWXTEK–Workers stand in front of a 380,000 DWT class Very Large Ore Carrier (VLOC) during the naming ceremony of two Valemax ships built by Rongsheng Heavy Industries in Nantong, Jiangsu province May 21, 2012. The global shipping market, battered for the past few years by a severe downturn, will likely improve from the second half of this year, said an executive with major shipbuilder China Rongsheng Heavy Industries Group Holdings on Monday. REUTERS/Aly Song (CHINA - Tags: MARITIME BUSINESS COMMODITIES)

RM2CYTC7F–Chen Qiang, chief executive officer of China Rongsheng Heavy Industries, poses in an office after an interview with Reuters in Hong Kong July 19, 2011. China Rongsheng Heavy Industries Group Holdings Ltd, the country"s largest privately owned shipbuilder, will achieve or even exceed its $3 billion new order target in 2011, its chief executive officer, Qiang, said on Tuesday. To match interview RONGSHENG/ REUTERS/Tyrone Siu (CHINA - Tags: BUSINESS)

RM2HN0DAN–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng (L) of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Wang Song/Xinhua/Alamy Live News

RM2HMN1WC–Zhangjiakou, North China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 15km classic of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, North China"s Hebei Province, Feb. 11, 2022. Credit: Deng Hua/Xinhua/Alamy Live News

RM2E65YM2–Chen Qiang, chief executive officer of China Rongsheng Heavy Industries, poses in an office after an interview with Reuters in Hong Kong July 19, 2011. China Rongsheng Heavy Industries Group Holdings Ltd, the country"s largest privately owned shipbuilder, will achieve or even exceed its $3 billion new order target in 2011, its chief executive officer, Qiang, said on Tuesday. To match interview RONGSHENG/ REUTERS/Tyrone Siu (CHINA - Tags: BUSINESS)

RM2HMN27W–Zhangjiakou, North China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 15km classic of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, North China"s Hebei Province, Feb. 11, 2022. Credit: Deng Hua/Xinhua/Alamy Live News

RM2D0R611–Chen Qiang, chief executive officer of China Rongsheng Heavy Industries, poses in a office after an interview with Reuters in Hong Kong July 19, 2011. China Rongsheng Heavy Industries Group Holdings Ltd, the country"s largest privately owned shipbuilder, will achieve or even exceed its $3 billion new order target in 2011, its chief executive officer, Qiang, said on Tuesday. To match interview RONGSHENG/ REUTERS/Tyrone Siu (CHINA - Tags: BUSINESS)

RM2CWWX07–A company logo is seen at the entrance of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. China"s biggest private shipbuilder, China Rongsheng Heavy Industries Group, posted a second straight annual loss on March 31, 2014, as new orders were less than half its target, and is in talks with banks about loan repayments. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS MARITIME)

RM2HMN1W5–Zhangjiakou, North China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 15km classic of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, North China"s Hebei Province, Feb. 11, 2022. Credit: Deng Hua/Xinhua/Alamy Live News

RM2CXHEMX–Workers ride motorcycles and bicycles after their shifts at an entrance of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. China"s biggest private shipbuilder, China Rongsheng Heavy Industries Group, posted a second straight annual loss on March 31, 2014, as new orders were less than half its target, and is in talks with banks about loan repayments. Picture taken December 4, 2013. REUTERS/Aly Song (CHINA - Tags: BUSINESS MARITIME)

RM2CXAP7K–Labourers stand on a new ship at a Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province, in this file photo taken May 21, 2012. China Rongsheng Heavy Industries Group, the country"s largest private shipbuilder, posted its sharpest fall in half-year profit - down 82 percent - on a dearth of new orders, putting further pressure on its stretched balance sheet. Rongsheng warned on August 21, 2012, that economic uncertainties such as the euro zone debt crisis would continue to weigh on the global shipping market. Picture taken May 21, 2012. REUTERS/Aly Song/Files (CHINABUSINESS MARITI

RM2HMN21C–Zhangjiakou, North China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 15km classic of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, North China"s Hebei Province, Feb. 11, 2022. Credit: Deng Hua/Xinhua/Alamy Live News

RM2D07154–A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province, in this file photo taken May 21, 2012. China Rongsheng Heavy Industries Group, the country"s largest private shipbuilder, posted its sharpest fall in half-year profit - down 82 percent - on a dearth of new orders, putting further pressure on its stretched balance sheet. Rongsheng warned on August 21, 2012, that economic uncertainties such as the euro zone debt crisis would continue to weigh on the global shipping market. Picture taken May 21, 2012. REUTERS/Aly Song/Files (CHINA - Tags: BUSINESS MARITIME)

RM2HMN3MK–Zhangjiakou, North China"s Hebei Province. 11th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 15km classic of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, North China"s Hebei Province, Feb. 11, 2022. Credit: Hu Huhu/Xinhua/Alamy Live News

RM2HM9EFM–Zhangjiakou, China"s Hebei Province. 8th Feb, 2022. Liu Rongsheng of China competes during the men"s cross-country skiing sprint free qualification of the Beijing 2022 Winter Olympics at Zhangjiakou National Cross-country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 8, 2022. Credit: Mu Yu/Xinhua/Alamy Live News

RM2HN20G7–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng (L) and Wang Qiang of China compete during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Liu Chan/Xinhua/Alamy Live News

RM2E68M95–A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province, in this file photo taken May 21, 2012. China Rongsheng Heavy Industries Group, the country"s largest private shipbuilder, posted its sharpest fall in half-year profit - down 82 percent - on a dearth of new orders, putting further pressure on its stretched balance sheet. Rongsheng warned on August 21, 2012, that economic uncertainties such as the euro zone debt crisis would continue to weigh on the global shipping market. Picture taken May 21, 2012. REUTERS/Aly Song/Files (CHINA - Tags: BUSINESS MARITIME)

RM2HKXK7X–2022 Beijing Olympics - Cross-Country Skiing - Men"s 15km + 15km Skiathlon - National Cross-Country Centre, Zhangjiakou, China - February 6, 2022. Liu Rongsheng of China in action. REUTERS/Hannah Mckay

RM2HMMB79–2022 Beijing Olympics - Cross-Country Skiing - Men"s 15km Classic - National Cross-Country Centre, Zhangjiakou, China - February 11, 2022. Liu Rongsheng of China in action. REUTERS/Lindsey Wasson

RM2HN20T2–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Shang Jincai (L) and Liu Rongsheng of China competes during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Liu Chan/Xinhua/Alamy Live News

RM2HMMAPC–2022 Beijing Olympics - Cross-Country Skiing - Men"s 15km Classic - National Cross-Country Centre, Zhangjiakou, China - February 11, 2022. Liu Rongsheng of China in action. REUTERS/Lindsey Wasson

RM2HMYH8D–2022 Beijing Olympics - Cross-Country Skiing - Men"s 4 x 10km Relay - National Cross-Country Centre, Zhangjiakou, China - February 13, 2022. Liu Rongsheng of China in action. REUTERS/Lindsey Wasson

RM2HN0D6W–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Liu Rongsheng (R) of China and Antoine Cyr of Canada compete during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Hu Huhu/Xinhua/Alamy Live News

RM2HN214K–Zhangjiakou, China"s Hebei Province. 13th Feb, 2022. Antoine Cyr (L) of Canada and Liu Rongsheng of China compete during the cross-country skiing men"s 4x10 km relay of the Beijing Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 13, 2022. Credit: Deng Hua/Xinhua/Alamy Live News

RM2HM92R3–Beijing, China"s Hebei Province. 8th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s sprint free qulification match of Beijing 2022 Winter Olympics at Zhangjiakou National Cross-country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 8, 2022. Credit: Wang Song/Xinhua/Alamy Live News

RM2FMJX8F–Altay, China"s Xinjiang Uygur Autonomous Region. 10th May, 2021. Liu Rongsheng of National Cross-Country Skiing Team competes during the men"s 15km mass start classic event at the FIS Cross-Country Skiing China City Tour in Sarkobu Cross-Country Ski Track, Altay City, northwest China"s Xinjiang Uygur Autonomous Region, May 10, 2021. Credit: Hou Zhaokang/Xinhua/Alamy Live News

RM2FMJX8B–Altay, China"s Xinjiang Uygur Autonomous Region. 10th May, 2021. Shang Jincai (L) and Liu Rongsheng of National Cross-Country Skiing Team celebrate after finishing the men"s 15km mass start classic event at the FIS Cross-Country Skiing China City Tour in Sarkobu Cross-Country Ski Track, Altay City, northwest China"s Xinjiang Uygur Autonomous Region, May 10, 2021. Credit: Zanghaer Bolati/Xinhua/Alamy Live News

RM2HP7A4F–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Skiing Centre. Credit: Hu Huhu/Xinhua/Alamy Live News

RM2HP6R28–Beijing, China"s Hebei Province. 19th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Centre. Credit: Liu Chan/Xinhua/Alamy Live News

RM2HP7GR8–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Skiing Centre. Credit: Mu Yu/Xinhua/Alamy Live News

RM2HP79RK–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Liu Rongsheng of China competes during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Skiing Centre. Credit: Hu Huhu/Xinhua/Alamy Live News

RM2HP799D–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Hadesi Badelihan (R) and Liu Rongsheng of China compete during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Skiing Centre. Credit: Liu Chan/Xinhua/Alamy Live News

RM2HP6W5G–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Liu Rongsheng of China passes the finish line during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Centre. Credit: Deng Hua/Xinhua/Alamy Live News

RM2HP79F3–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Wang Qiang (R) and Liu Rongsheng of China compete during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Skiing Centre. Credit: Deng Hua/Xinhua/Alamy Live News

RM2HP71XE–Zhangjiakou, China"s Hebei Province. 19th Feb, 2022. Wang Qiang (L) and Liu Rongsheng of China compete during the cross-country skiing men"s 50km mass start free of Beijing 2022 Winter Olympics at National Cross-Country Skiing Centre in Zhangjiakou, north China"s Hebei Province, Feb. 19, 2022. The men"s 50km cross-country mass start race on Saturday has been delayed by an hour to 1500 local time (0700 GMT) and shortened to 30km due to high winds at the National Cross-Country Skiing Centre. Credit: Mu Yu/Xinhua/Alamy Live News

In the cross-country skiing men"s 15km + 15km skiathlon, Liu Rongsheng ranked 38th in 1:24:59.6, becoming the best finisher of China at this event during the Games.

In the men"s 7.5km x7.5km skiathlon, Shang Jincai and Liu Rongsheng broke into the top 50, winning 41st and 47th place respectively, the best result of team China in the event during the Winter Olympics .

A Window Suddenly Opens: Contemporary Photography in China will be the Hirshhorn’s first survey of photography by leading multigenerational Chinese artists made between the 1990s and 2000s. The exhibition will showcase 186 artworks made between 1993 and 2022 of which 141 are a landmark promised gift to the Hirshhorn from pioneering collector of Chinese art Larry Warsh. The exhibition’s title is drawn from a 1997 publication, a near manifesto, by Rong Rong and Liu Zheng that celebrated the possibilities in shifting the practice of photography away from realism toward a conceptual art practice.

Featured artists include Cang Xin, Cao Fei, Chen Shaoxiong, Cui Xiuwen, Gu Dexin, Hai Bo, Hong Hao, Hong Lei, Huang Yan, Lin Tianmiao, LuYang, Ma Liuming, Qiu Zhijie, Rong Rong, Sheng Qi, Song Dong, Song Yongping, Wang Jinsong, Wang Qingsong, Weng Fen, Xing Danwen, Zhang Dali, Zhang Huan, Zhang Peili and Zhuang Hui.

the terms and conditions of the subscription agreement dated 29 May 2017 (the "Subscription Agreement", a copy of which has been produced to the meeting marked "A" and signed by the chairman of the meeting for the purpose of identification) entered into between the Company as the issuer, COFCO Capital (Hong Kong) Co., Limited (the "Subscriber") as the subscriber, and Mr. Liu Rongsheng and Mr. Liu Yi as guarantors, in relation to the subscription of the Convertible Bonds (as defined below) be and are hereby approved, confirmed and ratified;

As at the date of this notice, the executive Directors are Mr. Liu Rongsheng, Lord Cao Yunde, Mr. Fan Guocheng and Mr. Chen Liang and independent non-executive Directors are Mr. Pang Pui Hung, Paton, Ms. Li Yuen Fong, Michelle and Ms. Wei Qing.

But eventually, the Chinese sprinters Wang Qiang and Liu Rongsheng had such an explosive kick still in the legs they finished with a small margin as first and second. Fu Yu and Jangyixin were closely matching for the podium, the advantage was for Fu Yu. Li Minglin finished as fifth.

1.Su Rongsheng, Wang Rongmei, Cao Huabin, Tang Zhaoxin et al. High copper levels promotes broiler hepatoctye mitochondrial permeability transition in vivo and in vitro. Biologcial Trace Element Research, 2011, 12 (144): 636-646.

2. Su Rongsheng, Wang Rongmei, Cao Huabin, Tang Zhaoxin et al. In vitro effect of copper chloride exposure on reactive oxygen species generation and respiratory chain complexes activities of mitochondria isolated from broile liver. Biological Trace Element Research, 2011, 12 (144): 668-677.

3.Su Rongsheng, Cao Huabin, Li Heping, Tang Zhaoxin, et al. Effect of copper on membrane permeability and respiration of mitochondria from broiler hepatocyte. Veterinary Science in China, 2007, 37 (04): 342-345. ( in Chinese)

4.Su Rongsheng, Cao Huabin, Li Heping, Tang Zhaoxin, et al. Effect of copper on hydrogen peroxide generation of mitochondria from broiler hepatocyte. Chinese Journal of Veterinary Science, 2009, 1(29): 92-96. ( in Chinese)

5.Cao Huabin, Su Rongsheng, Li Heping, Tang Zhaoxin, et al. Effect of high-copper diet on activities of respiratory chain compiexes in liver mitochondria of broilers. Chinese Veterinary Science, 2009, 1(29): 155-159. ( in Chinese)

6. Su Rongsheng, Liu Haopeng, Hu Jingjing, Tang Zhaoxin, et al. Effect of copper stress on respiration function of mitochondria from broiler hepatocyte in vitro. Chinese Journal of Veterinary Science, 2011, 10(31): 1496-1499. ( in Chinese)

7. Su Rongsheng, Yan Wenlong, Pan Jiaqiang, Tang Zhaoxin, et al. Protective Effect of glutathione on copper exposure to liver mitochondria of broilers. Chinese Journal of Veterinary Science, 2012, 32(4): 602-605. ( in Chinese)