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(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe.

China’s biggest shipbuilder outside state control tumbled 16 percent yesterday in Hong Kong after the U.S. Securities and Exchange Commission said traders including Chairman Zhang Zhi Rong’s Well Advantage Ltd. made more than $13 million of illegal profits buying shares of Nexen Inc. ahead of a takeover announcement by CNOOC Ltd. The SEC also won a court order freezing about $38 million of the traders’ assets.

The investigation may deter customers from placing orders, Jon Windham, an analyst at Barclays Plc., said yesterday by phone. “It’s obviously very bad for the overall image of the company.” He downgraded the stock to underweight from equalweight and cut its target price to HK$1.06 from HK$2.40.

Rongsheng, based in Shanghai, has tumbled 87 percent since a November 2010 initial public offering because of concerns about delivery delays and a global slump in ship orders caused by a glut of vessels. The shipbuilder, which operates facilities in Jiangsu and Anhui provinces, also said yesterday that first- half profit probably dropped “significantly” because of falling prices and slowing orders.

The demand slump has pushed new-ship prices to an eight- year low, according to shipbroker Clarkson Plc. Chinese shipyard orders plunged 49 percent in the first half.

The probe won’t affect day-to-day operations run by Chief Executive Officer Chen Qiang, as Chairman Zhang only has a non- executive role, Rongsheng said in a statement yesterday. Zhang wasn’t available for comment yesterday, according to Doris Chung, public relations manager at Glorious Property Holdings Ltd., a developer he controls.

Chen isn’t aware of Zhang’s personal business dealings and he has no plans to leave Rongsheng, he said yesterday by text message in reply to Bloomberg News questions. The CEO may help reassure potential customers as he is well-known among shipowners, said Lawrence Li, an analyst at UOB Kay Hian Holdings Ltd.

Zhang owns 46 percent of Rongsheng and 64 percent of Glorious Property, according to data compiled by Bloomberg. The developer dropped 1.7 percent to close at HK$1.16 in Hong Kong today after falling 11 percent yesterday. Zhang’s listed holdings are worth about $1.2 billion, according to data compiled by Bloomberg.

Zhang, who holds a Master’s of Business Administration degree from Asia Macau International Open University, started in building materials and construction subcontracting before getting into real estate. Construction of his first project, in Shanghai, began in 1996, according to Glorious Property’s IPO prospectus. He got into shipbuilding after discussing the idea with Chen at a Shanghai Young Entrepreneurs’ Association event in 2001, according to Rongsheng’s sale document. He formed the company that grew into Rongsheng three years later.

“People in his hometown think Zhang is a legend as he expanded two companies in different sectors so quickly,” said Ji Fenghua, chairman of Nantong Mingde Group, a shipyard located next to Rongsheng’s facility in Nantong city, Jiangsu province. The billionaire maintains a low profile, said Ji, who has never seen him at meetings organized by the local government.

Rongsheng raised HK$14 billion in its 2010 IPO, selling shares at HK$8 each. The company’s market value has fallen by about $6.1 billion to $1 billion, based on data compiled by Bloomberg.

The shipbuilder has had delays as it builds 16 of the world’s biggest commodity ships for Vale SA and Oman Shipping Co. It was supposed to hand over eight of the ships last year, according to its IPO prospectus. Instead, it only delivered one. It had handed over two more to Vale by May 20. The same month, it christened two for Oman Shipping, Xinhua reported.

The company’s cash reserves have also declined. It had 6.3 billion yuan of cash and cash equivalents at the end of December down from 10.4 billion yuan a year earlier. Its short-term borrowings rose to 18.2 billion yuan from 10.1 billion yuan, according to data compiled by Bloomberg.

Rongsheng, which also makes engines and excavators, had outstanding orders for 98 ships as of June 2012, according to Clarkson. It employed 7,046 people at the end of last year, according to its annual report. The shipbuilder has built a pipe-laying vessel for Cnooc and it has a strategic cooperation agreement with the energy company.

Well Advantage and other unknown traders stockpiled shares of Nexen before Cnooc announced plans to buy the Calgary-based energy company for $15.1 billion, according to the SEC. The regulator acted to freeze accounts less than 24 hours after Well Advantage placed an order to liquidate its position, it said. The investigation continues, it said July 27.

The traders may have to pay multiples of the profit they made from illegal deals to settle the case, based on previous incidents, said David Webb, the founder of corporate-governance website Webb-site.com. The frozen accounts may make a settlement more probable as the traders won’t be able to access cash, he said. Still, there may be a long-term impact on reputations.

“Cases such as this bring the integrity of the persons involved into question,” Webb said. “And, if they are running a bank or a listed company, then it tends to tarnish the firm too.”

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.

Investors have turned cautious on the industry after it was dealt a heavy blow by the economic downturn, with orders shrinking last year and the sector yet to fully recover.

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.

Another once-leading privately-owned yard China Huarong Energy Company, previously and better known as China Rongsheng Heavy Industries, continues to struggle with debts and ongoing talks with its creditors. The shipbuilder with huge yard facilities is now literally a �ghost yard�, where operations have ceased as funds dried up.

Jiangsu Rongsheng Heavy Industries Group Co. used to employ more than 30,000 people in the eastern city of Rugao. Once China�s largest shipbuilder, by 2015 Rongsheng was on the verge of bankruptcy. Orders had dried up and banks are refusing credit. Questions have been raised about the shipyard�s business practices, including allegations of padded order books. And Rongsheng was apparently behind on repaying some of the 20.4 billion yuan in combined debt owed to 14 banks, three trusts and three leasing firms.

Rongsheng is on the ropes now that it had completed a multi-year order for so-called Valemax ships for the Brazilian iron ore mining giant Companhia Vale do Rio Doce. The last of these 16 bulk carriers, the Ore Ningbo, was delivered in January 2015. With a carrying capacity of up to 400,000 tons, Valemaxes are the world�s largest ore carriers. Vale hired Rongsheng to build the ships starting in 2008, and has tolerated the shipyard�s slow pace: The Ore Ningbo was delivered three years late. Rongsheng employees said the Ore Ningbo may have been the shipyard�s last product because no new ship orders are expected and all contracts for unfinished ships have either been canceled or are in jeopardy.

Founder and former chairman Zhang Zhirong started the company in 2005 with money made when he worked as a property developer in the 1990s. The new shipyard stunned the industry by clinching major vessel orders from the start, even at a time when most of the world�s shipyards were slumping. Rongsheng�s success attracted investors and banks to the company�s side, fueling its expansion.

The shipyard, a sprawling facility spread across one-third of Changqingsha Island in the middle of the Yangtze River, suffered from a lack of capacity and management problems. As a result, the company had trouble meeting its contract obligations, including delivery timetables. Rongsheng�s problems were tied to difficulties with delivering ships. Many of Rongsheng�s order cancellations were due to its own delivery delays.

After the global financial crisis of 2008, many ship owners could no longer afford paying in advance for new vessels. So builders such as Rongsheng started arranging up-front financing with Chinese banks that got projects off the ground.

Rongsheng built ships with a combined capacity of 8 million tons in 2010 and was preparing to begin filling US$ 3 billion in new orders the following year. But the company�s 2011 orders wound up totaling only US$ 1.8 billion. That same year, Rongsheng�s customers canceled contracts for 23 new vessels.

In 2012, Rongsheng received orders for only two ships. Layoffs ensued, with some 20,000 workers getting the axe. The company closed the year with a net loss of 573 million yuan, down from a 1.7 billion yuan net profit in 2011 and despite 1.27 billion yuan in government subsidies. The bleeding worsened in 2013, with 8.7 billion yuan in reported losses. Despite a recovery of the Chinese shipbuilding industry in 2014, Rongsheng saw no relief, as its clients canceled orders for 59 vessels that year.

Roxen Shipping, a company controlled by Chinese businessman Guan Xiong, reportedly stepped in to rescue some US$ 2 billion worth of ship contracts that were canceled by Rongsheng�s other customers. Without these orders, Rongsheng never would have maintained its status as the No. 1 shipbuilder in China from 2009 to 2013.

Rongsheng�s capital crunch worsened since February 2014, when the China Development Bank (CDB) demanded more collateral after the company failed to make a scheduled payment on a 710 million yuan loan. When Rongsheng refused, the CDB called the loan. Other banks that issued loans to the shipbuilder had taken similar steps.

Rongsheng�s weak financial position was highlighted by a third-quarter 2014 financial report in which the company posted a net loss of 2.4 billion yuan. It also reported 31.3 billion yuan in liabilities, including 7.6 billion yuan worth of outstanding short-term debt.

It would cost at least 5 billion yuan to restart operations at Rongsheng�s facility, plus they have a huge amount of debt. Buying Rongsheng would not be a good deal.

Brazil sank a decommissioned aircraft carrier in the Atlantic Ocean off its northeast coast, the Brazilian Navy said, despite warnings from environmentalists that the rusting 1960s French-built ship would pollute the sea and the marine food chain.The 32,000-tonne carrier had been floating offshore for three months since Turkey refused it entry to be scrapped there because it was an environmental hazard and the ship was towed back to Brazil.The carrier was scuttled in a "planned and controlled sinking" late on Friday, the Navy said in a statement, that would "avoid logistical, operational, environmental and economic losses to the Brazilian state," it said.

Finnish cargo handling machinery manufacturer Cargotec on Monday announced its board of directors has appointed Casimir Lindholm to succeed Mika Vehviläinen as the company"s president and CEO, effective April 1, 2023.A member of Cargotec"s board since 2021, Lindholm has held CEO positions both in Eltel and Lemminkäinen and many board memberships.“I’m honored and excited to be leading Cargotec at such a pivotal moment in the company’s history, with a strong foundation and a clear vision into its next development phase of growth as we have communicated before.

The Baltic Exchange"s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to the lowest in nearly three years, pressured by weaker rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or about 2.1%, to 608, its lowest since early-June 2020.The capesize index lost 10 points, or about 2.3%, to over a five-month low of 419.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $86 at $3,475.

ABB has unveiled its Baldor-Reliance HydroCool XT motor product line, a new generation of water-cooled motors for extreme marine duty and other applications.According to the manufacturer, HydroCool XT is quiet and versatile, and offers reduced maintenance and high performance in some of the toughest environments. Water-jacket cooling offers higher thermal conductivity than air cooling, helping to extend the motor life while eliminating the need for fans or air filters. Available with induction or permanent magnet rotor technology, the motor can achieve the highest level (IE5) efficiency rating for energy savings

The Italian trade union USB filed a legal complaint against a plan by gas grid operator Snam to set up a new liquefied natural gas (LNG) terminal in the Tuscan port of Piombino, it said in a press release on Friday.USB alleged Snam had committed serious "environmental crimes" while performing works to build the terminal.USB criticised in the statement the choice to set up the terminal in an area already polluted by an old steel plant, saying regasification processes would increase pollution levels even further and cause "serious and irreparable injuries."Snam declined to comment on the issue.

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RM2D2M03R–A broker relaxes during trading hours at a stock brokerage firm in Mumbai January 28, 2008. Indian shares fell more than 4 percent on Monday morning, with Reliance Industries and Larsen & Toubro leading the decline as losses in Asia on renewed concerns of a U.S. downturn hit sentiment. REUTERS/Punit Paranjpe (INDIA)

RM2CR0MKM–Reliance Industries" Chairman Mukesh Ambani poses for pictures before addressing the company"s annual general meeting in Mumbai June 7, 2012. India"s Reliance Industries aims to double its operating profit in the next 4-5 years, Ambani told shareholders on Thursday, as it boosts investment in its existing energy and retail businesses. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

RM2D16WJ0–A terminal operator speaks on telephones at a local stock market in the northern Indian city of Chandigarh December 31, 2009. Indian shares hit their highest level in nearly 20 months on Thursday, led index heavyweights Reliance Industries and Infosys Technologies, and were set to post their biggest yearly gain since 1991. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS)

RM2D2T3FT–People walk pass the Bombay Stock Exchange (BSE) building displaying India"s benchmark share index on its facade, in Mumbai September 30, 2009. The BSE Sensex climbed above 17,000 points on Wednesday for the first time since May 2008, led by banks and Reliance Industries on hopes quarterly earnings would top expectations. REUTERS/Punit Paranjpe (INDIA BUSINESS)

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RM2D2HG76–A broker reacts while trading on his computer terminal at a stock brokerage firm in Mumbai January 28, 2008. Indian shares fell more than 4 percent on Monday morning, with Reliance Industries and Larsen & Toubro leading the decline as losses in Asia on renewed concerns of a U.S. downturn hit sentiment. REUTERS/Punit Paranjpe (INDIA)

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RM2D2YGWH–Indian brokers engage in trading on their computer terminals at a stock brokerage firm in Mumbai January 28, 2008. Indian shares fell more than 4 percent on Monday morning, with Reliance Industries and Larsen & Toubro leading the decline as losses in Asia on renewed concerns of a U.S. downturn hit sentiment. REUTERS/Punit Paranjpe (INDIA)

RM2CPP6BE–(L-R) Roger Diwan, vice president of financial services at IHS Markit, John Hess, chief executive officer of Hess Corporation, Musabbeh Al Kaabi, CEO of Petroleum & Petrochemicals Mubadala Investment Company and Hital Meswani, executive director and member of the board, Reliance Industries, at the annual CERAWeek energy conference in Houston, Texas, U.S., March 5, 2018. REUTERS/Maria Caspani

RM2CNYEH7–Reliance Industries" Chairman Mukesh Ambani (R) poses with his wife Nita Ambani before addressing the company"s annual general meeting in Mumbai June 7, 2012. India"s Reliance Industries aims to double its operating profit in the next 4-5 years, Ambani told shareholders on Thursday, as it boosts investment in its existing energy and retail businesses. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

RM2D1DNH4–People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009. Indian shares were up on Monday morning, led by Reliance Industries and State Bank of India, but were off early highs as traders took profits on a rise of nearly 5 percent over the past three sessions. REUTERS/Arko Datta (INDIA BUSINESS)

RM2E6WJNR–People look at a large screen displaying India"s benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai September 30, 2009. The BSE Sensex climbed above 17,000 points on Wednesday for the first time since May 2008, led by banks and Reliance Industries on hopes quarterly earnings would top expectations. REUTERS/Punit Paranjpe (INDIA BUSINESS)

RMRG1WH9–. Canadian forest industries 1897-1899. Lumbering; Forests and forestry; Forest products; Wood-pulp industry; Wood-using industries. A Thoroughly Good but Cheap .... Saw Carriage: OUR NO. with 3 Unbreakable Steel Girder Frac- tional Head-Blocks, opening 50 inches from Saw. 1 Reliance Dog; 2 Large Style Pull Dogs ; Reliance Set Works with Index, Spring Receder, 6 Axles and 12 fourteen-inch Wheels ; 50 feet V and Flat-Rolled Steel Track in 10-foot lengths; Rope Feed Roller and Ratchet lo take up Slack. This Carriage could be slightly increased in cost by Cut Steel Segments and Pinions in Log Sea

RM2D216DK–People look at a large screen displaying India"s benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai September 30, 2009. The BSE Sensex climbed above 17,000 points on Wednesday for the first time since May 2008, led by banks and Reliance Industries on hopes quarterly earnings would top expectations. REUTERS/Punit Paranjpe (INDIA BUSINESS)

RM2CHGA3B–A woman walks past a poster of Reliance Industries installed outside the venue of the company"s annual general meeting in Mumbai June 7, 2012. India"s Reliance Industries aims to double its operating profit in the next 4-5 years, Chairman Mukesh Ambani told shareholders on Thursday, as it boosts investment in its existing energy and retail businesses. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

RM2D1MF3J–People look at a large screen displaying India"s benchmark share index on the facade of the BSE building in Mumbai November 9, 2009. Indian shares were up on Monday morning, led by Reliance Industries and State Bank of India, but were off early highs as traders took profits on a rise of nearly 5 percent over the past three sessions. REUTERS/Arko Datta (INDIA BUSINESS)

RM2D17PX0–People walk past a digital screen displaying India"s benchmark share index in Mumbai November 3, 2009. Indian shares dropped 3.1 percent on Tuesday, a sixth straight fall that took the market to its lowest close in two months, pulled down by a sell-off in energy giant Reliance Industries and weak global markets. REUTERS/Punit Paranjpe (INDIA BUSINESS)

RM2CY25TF–A van of media group Network18 is parked outside the Indian parliament in New Delhi July 16, 2014. Just before Indian conglomerate Reliance Industries Ltd completed a deal to take control of media group Network18 Media & Investments Ltd in early July, two top editors stepped down. In farewell letters to staff, both mentioned press freedoms. Picture taken July 16, 2014. To match INDIA-MEDIA/ REUTERS/Anindito Mukherjee (INDIA - Tags: MEDIA BUSINESS)

RM2CWF1KN–CEO Refining and Marketing, Reliance Industries, Tony Fountain speaks during the Oil & Money conference in London October 2, 2013. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS ENERGY)

RMRG1TN4–. Canadian forest industries 1897-1899. Lumbering; Forests and forestry; Forest products; Wood-pulp industry; Wood-using industries. 60 H.P. "ONTARIO AND WESTERN MILL," With No; 3 Saw Frame, having 12 inch face Friction Feed Works, taking 60" Lower Saw and 40 inch Upper Saw. A No. 3^ 5 Block Girder Steel Carriage opening 50 inches from Saw, with Peel and Reliance Cant Hook Double Spud Dogs-Rope Feed, Automatic coupling in Carriage between 3rd and 4th blocks-extras when required Bull Wheel, Slab Saw, Single or Double Edger, Trimmer, Live Rolls, Planer and Matcher, etc. THE above

RM2E67NDF–CEO Refining and Marketing, Reliance Industries, Tony Fountain speaks during the Oil & Money conference in London October 2, 2013. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS ENERGY)

RMRG1P7D–. Canadian forest industries 1901-1902. Lumbering; Forests and forestry; Forest products; Wood-pulp industry; Wood-using industries. â jf yf J V" j4 jf jf S? jf jff V jf jff jd jff jff yf yf /f j4f j4 Jf Jf yff sf jf We Manufacture- Highest Grade Band Saws MADE FROM Triple Refined Swedish Steel ^ .... IMPORTED DIRECT. . "WE Hate the SOLE RIGHT for the i3*= Dominion of Canada J£3 OIL TEMPERED MOORE STEAM PUMP Fop Stationary, Traction and Marine Boilers. High and Low or Special Duty. Send for Illustrated Catalogue. DARLING-BROTHERS Reliance Works - MONTREAL Head Office and Works: Quee

RM2CX2BJ6–CEO Refining and Marketing, Reliance Industries, Tony Fountain (L) participates in a question and answer session during the Oil & Money conference in London October 2, 2013. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS ENERGY)

RMRG1RXF–. Canadian forest industries 1897-1899. Lumbering; Forests and forestry; Forest products; Wood-pulp industry; Wood-using industries. 60 H.P. "ONTARIO AND WESTERN MILL," With No. 3 Saw Frame, having 12 inch face Friction Feed Works, taking 60" Lower Saw and 40 inch Upper Saw. A No. 3^ 5 Block Girder Steel Carriage opening 50 inches from Saw, with Peel and Reliance Cant Hook Double Spud Dogs—Rope Feed, Automatic coupling in Carriage between 3rd and 4th blocks—extras when required Bull Wheel, Slab Saw, Single or Double Edger, Trimmer, Live Rolls, Planer and Matcher, etc. THE above

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)

RMRG0TBH–. Canadian forest industries 1897-1899. Lumbering; Forests and forestry; Forest products; Wood-pulp industry; Wood-using industries. 100 H.P. "PACIFIC COAST MILL" With No. 4 Saw Frame, 72" Lower and 5b" Upper Saw ; No. 7 Girder Steel Unbreakable Carriage, opening 72 inches from Saw—all portions of Carriage either Rolled or Cast Steel, Direct-Acting Steam Feed, etc. W^aterOUS^ Brantford, Canada. 60 H.P. "ONTARIO AND WESTERN MILL" S.SWP^.S;5 ^maW^m^^mm 4° ir>ch Upper Saw. A No. c Block Girder Stee Carnage openmg 50 mches from Saw, with Peel and Reliance Cant Hook

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)

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)

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)

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)

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)

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)

RM2E758JG–An electricity worker sits atop a newly constructed high-tension electricity tower located on the outskirts of Kangding in Sichuan province February 26, 2009. China is the world"s biggest emitter of greenhouse gases, largely thanks to its reliance on coal-powered electricity and its huge heavy industries, such as metals and petrochemicals. It also increasingly depends on imported oil. By using every policy and technology available to improve efficiency and cut emissions, China could take a big bite out of foreign oil imports and halve the likely level of greenhouse gas emissions, while cutting

RM2D1NK7X–A man works in the pits square in the Tanners Quarter in Fes, November 17, 2008. The government wants to develop new industries to create more jobs in Morocco"s fast-growing towns and cities and reduce reliance on agriculture, which accounts for over 40 percent of employment and up to 20 percent of gross domestic product. It aims to create 1.2 million new jobs for the 2008-2012 period versus an estimated 800,000 in the previous five years. REUTERS/Rafael Marchante(MOROCCO)

RM2D232WA–Electricity poles and cables are seen along a suburban street in Melbourne May 29, 2009. Divisions between Australia"s mining and manufacturing industries emerged on Friday over Australia"s emissions trading scheme (ETS) and the need to pass enabling laws this year to give business more certainty. Australia, the world"s biggest coal exporter and a growing supplier of liquefied natural gas, accounts for 1.5 percent of global carbon emissions but is a major per-capita polluter due to reliance on coal for 80 percent of electricity needs. REUTERS/Mick Tsikas (AUSTRALIA ENVIRONMENT ENERGY BUSIN

RM2D28BEF–A man works in the pits square in the Tanners Quarter in Fes, November 17, 2008. The government wants to develop new industries to create more jobs in Morocco"s fast-growing towns and cities and reduce reliance on agriculture, which accounts for over 40 percent of employment and up to 20 percent of gross domestic product. It aims to create 1.2 million new jobs for the 2008-2012 period versus an estimated 800,000 in the previous five years. REUTERS/Rafael Marchante (MOROCCO)

RM2D1T96R–A man works in the pits square in the Tanners Quarter in Fes, November 17, 2008. The government wants to develop new industries to create more jobs in Morocco"s fast-growing towns and cities and reduce reliance on agriculture, which accounts for over 40 percent of employment and up to 20 percent of gross domestic product. It aims to create 1.2 million new jobs for the 2008-2012 period versus an estimated 800,000 in the previous five years. REUTERS/Rafael Marchante (MOROCCO)

RM2D1WH42–Mukesh Ambani, Chairman of Reliance Industries Ltd., speaks during Vibrant Gujarat Global Investors" Summit 2007 in Ahmedabad January 12, 2007. India"s top private refiner Reliance Industries Ltd. plans to invest 670 billion rupees ($15 billion) in creating energy infrastructure in the state of Gujarat, Ambani said on Friday. REUTERS/Amit Dave (INDIA)

RM2CP04P0–Anil Ambani (L), vice-chairman of Reliance Industries Ltd., speaks to media in Bombay April 27, 2005. Ambani said on Wednesday he was being sidelined by the board of the Indian energy and petrochemicals company. REUTERS/Punit Paranjpe PP/JJ

RM2CP6J3J–Vice-chairman of Reliance Industries Ltd. Anil Ambani speaks to the media in Bombay April 27, 2005. Ambani said on Wednesday he was being sidelined by the board of the Indian energy and petrochemicals company and that his suggestions for increased payouts to shareholders had been ignored. REUTERS/Punit Paranjpe PP/MK

RM2D3WKMP–Anil Ambani, managing director of India"s top petrochemicals producer Reliance Industries, speaks to analysts and reporters in Bombay March 3, 2002. India"s Reliance Industries said on Sunday it may consider selling 12 percent of its equity to strategic investors or in international markets. REUTERS/str PP

RM2D48J65–Anil Ambani, Vice Chairman and managing director of Reliance Industries Ltd, speaks to media in Bombay November 25, 2004. Ambani, the vice-chairman of India"s Reliance Industries Ltd, said on Thursday he would make a statement at an appropriate time about a controversy over differences with brother and chairman Mukesh. REUTERS/Punit Paranjpe PP/acm

RM2CPCTB1–Vice Chairman and Managing Director Anil Ambani, of Reliance industries, speaks during a news conference in Bombay July 27, 2004. India"s Reliance Industries Ltd., operator of the world"s third-largest refinery, said on Tuesday its quarterly profit jumped 30 percent, slightly above expectations, as prices of fuels and petrochemicals surged. REUTERS/Punit Paranjpe

RM2D2T621–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D1C2F7–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D30YEB–Reliance Industries Ltd. Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2E7R3JN–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D14XTJ–Reliance Industries Ltd Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe PP/TY

RM2D3DFEC–Anil Ambani, Managing Director of Reliance Industries Ltd and Reliance Petroleum Ltd speaks to the press after declaring the audited annual results of the company for the year 2000-2001 in Bombay, April 30, 2001. Reliance Petroleum Ltd, India"s largest private sector company by sales earned 14.64 billion rupees ($312.55 million) in its first year of operations, below expectations. SK/PB

RM2D477W8–Reliance Energy"s chairman Anil Ambani speaks with media in Bombay June 18, 2005. Two brothers at the helm of India"s largest private conglomerate, Reliance, have settled a long-running dispute that has transfixed the country, carving up their father"s legacy in a deal announced by their mother. Reliance Industries shares have gained more than 12 percent this month in anticipation of the settlement. REUTERS/Punit Paranjpe PP/AH

RM2CPF9PP–Reliance Industries Chairman and Managing Director Mukesh Ambani gestures during an interview with Reuters at his office on the outskirts of Bombay July 8, 2003. Reliance Industries, India"s premier conglomerate, sees profit rising a better-than-expected 25 percent annually in the next four years, driven by strong domestic demand for petroleum products, Ambani said in the interview on Tuesday. REUTERS/Sherwin Crasto SC/RCS

RM2D56DK7–Anil Ambani, Managing Director of Reliance Industries Ltd, the country"s largest private sector company answers questions from the press in front of the company"s logo during a news conference in Bombay, January 18. The company reported a mere four percent rise in net profit for the first nine months mainly because of poor product prices and an accident at an offshore oil terminal. SK/FY/WS

RM2D3NY6N–Ambani, Vice Chairman and managing director of Reliance Industries Ltd, leaves after makeing a statement to media in Bombay. Anil Ambani, Vice Chairman and managing director of Reliance Industries Ltd, leaves after making a statement to media in Bombay November 25, 2004. Ambani, the vice-chairman of India"s Reliance Industries Ltd, said on Thursday he would make a statement at an appropriate time about a controversy over differences with brother and chairman Mukesh. REUTERS/Punit Paranjpe

RM2D39W5C–Ambani, Vice Chairman and managing director of Reliance Industries Ltd, leaves after making a statement to media in Bombay. Anil Ambani, Vice Chairman and managing director of Reliance Industries Ltd, leaves after making a statement to media in Bombay November 25, 2004. Ambani, the vice-chairman of India"s Reliance Industries Ltd, said on Thursday he would make a statement at an appropriate time about a controversy over differences with brother and chairman Mukesh. REUTERS/Punit Paranjpe

RM2D5CKEF–Anil Ambani, Managing Director of Reliance Industries Ltd, India"s petrochemical and textile giant, unveils a 41 percent jump in earnings for the year ended March 31, during a news conference in Bombay, April 18. India"s largest private sector firm posted a rise in net profit to 24.03 billion rupees ($550 million) from 17.04 billion in 1998/99 beating market expectations. SK/TAN

RM2CR3JBT–Anil Ambani, Vice Chairman and Managing Director of Reliance Industries Ltd, speaks during a news conference in Bombay. Anil Ambani, Vice Chairman and Managing Director of Reliance Industries Ltd, speaks during a news conference in Bombay October 25, 2004. India"s top petrochemicals maker, Reliance Industries Ltd, beat market forecasts on Monday with a 39 percent rise in quarterly profit, as refining margins doubled and product prices surged. REUTERS/Punit Paranjpe

RM2D2TKCM–Anil Ambani, younger brother of Reliance Industries Chairman Mukesh Ambani, gives a speech to shareholders in Bombay. Anil Ambani, the younger brother of Reliance Industries Chairman Mukesh Ambani, gives a speech to shareholders during an annual general meeting in Bombay August 3, 2005. India"s biggest private-sector refiner, Reliance Industries Ltd., will spend $5.8 billion to double capacity at its Jamnagar unit, making it the world"s single-largest oil refinery, its chief said on Wednesday. REUTERS/Punit Paranjpe

RM2D3D2KC–Managing Director of Reliance Industries Ltd, Anil Ambani, reads a report of the company"s second quarter performance during a press conference in Bombay October 31, 2001. Reliance Industries Ltd, the company at the centre of one of India"s most powerful business groups and the country"s largest petrochemical producer, announced a net profit of 7.02 billion rupees ($146 million), an increase of 6.63 percent compared to last year, despite the nation"s sharp economic slowdown. REUTERS/Arko Datta AD/RCS

RM2D4AFEG–Mukesh Ambani, chairman of Indian petrochemical and refining giant Reliance Industries Ltd speaks at the company"s annual general meeting as brother and vice-chairman Anil Ambani looks on in Bombay June 16, 2003. Reliance announced it had found oil off the Yemen coast. The discovery is expected to be equivalent to half of Reliance"s share of crude oil in the Panna, Mukta and Tapti oil fields where it owns a 30 percent stake in a joint venture with BG and Oil and Natural Gas Corporation. REUTERS/Roy Madhur RM/RCS

RM2D3M87K–Mukesh Ambani, chairman of Indian petrochemical and refining giant Reliance Industries Ltd adresses shareholders at the company"s annual general meeting in Bombay June 16, 2003. Reliance announced it had found oil in a block off the Yemen coast. The discovery is expected to be equivalent to half of Reliance"s share of crude oil in the Panna, Mukta and Tapti oil fields where it owns a 30 percent stake in a joint venture with BG and Oil and Natural Gas Corporation. REUTERS/Roy Madhur RM/TW

RM2D3XP1B–Mukesh Ambani, chairman of Indian petrochemical and refining giant Reliance Industries Ltd adresses shareholders at the company"s annual general meeting in Bombay June 16, 2003. Reliance announced it had found oil in a block off the Yemen coast. The discovery is expected to be equivalent to half of Reliance"s share of crude oil in the Panna, Mukta and Tapti oil fields where it owns a 30 percent stake in a joint venture with BG and Oil and Natural Gas Corporation. REUTERS/Roy Madhur RM/TW

RM2D44MD8–Mukesh Ambani, chairman of Indian petrochemical and refining giant Reliance Industries Ltd smiles at the company"s annual general meeting as brother and vice-chairman Anil Ambani looks on in Bombay June 16,2003. Reliance announced it had found oil off the Yemen coast. The discovery is expected to be equivalent to half of Reliance"s share of crude oil in the Panna, Mukta and Tapti oil fields where it owns a 30 percent stake in a joint venture with BG and Oil and Natural Gas Corporation. REUTERS/Roy Madhur RM/RCS

RM2D45879–File photo of Chairman of Reliance Industries Ltd Mukesh Ambani speaking as his brother and vice-chairman Anil Ambani watches in Bombay. The Chairman of India"s Reliance Industries Ltd, Mukesh Ambani (R), speaks as his brother and vice-chairman of the company Anil Ambani watches during the company"s Annual General Meeting (AGM) in Bombay in this June 24, 2004 file photo. Two brothers at the helm of India"s largest private conglomerate, Reliance, have settled a seven-month old dispute that has transfixed the country, carving up their father"s legacy in a deal announced by their mother. The Am

RM2D3ATCD–Anil Ambani, vice chairman and managing director of Reliance Industries Ltd., announces the company results in Bombay in this April 29, 2004 file photo. Two brothers at the helm of India"s largest private conglomerate, Reliance, have settled a seven-month old dispute that has transfixed the country, carving up their father"s legacy in a deal announced by their mother. The Ambani brothers will split the management of the business empire established by their late father, dividing control of a group with a vast retail shareholder base and revenues worth $23 billion under a deal unveiled on June 1

RM2E72367–Reliance Industries" chairman Mukesh Ambani speaks during a foundation day lecture of The Energy and Resources Institute (TERI) in New Delhi August 21, 2007. REUTERS/Adnan Abidi (INDIA)

RM2D1PRPW–Reliance Industries" Chairman Mukesh Ambani speaks during a foundation day lecture of The Energy and Resources Institute (TERI) in New Delhi August 21, 2007. REUTERS/Adnan Abidi (INDIA)

War, pandemic and sluggish markets hit the world’s billionaires this year. There are 2,668 of them on Forbes’ 36th-annual ranking of the planet’s richest people—87 fewer than a year ago. They’re worth a collective $12.7 trillion—$400 billion less than in 2021. The most dramatic drops have occurred in Russia, where there are 34 fewer billionaires than last year following Vladimir Putin’s invasion of Ukraine, and China, where a government crackdown on tech companies has led to 87 fewer Chinese billionaires on the list.

Still, Forbes found more than 1,000 billionaires who are richer than they were a year ago. And 236 newcomers have become billionaires over the past year—including the first ever from Barbados, Bulgaria, Estonia and Uruguay.

America still leads the world, with 735 billionaires worth a collective $4.7 trillion, including Elon Musk, who tops the World’s Billionaires list for the first time. China (including Macau and Hong Kong) remains number two, with 607 billionaires worth a collective $2.3 trillion.

Sergey Brin stepped down as president of Alphabet, parent company of Google, in December 2019 but remains a controller shareholder and a board member.

Facebook, the social network Zuckerberg runs, has been an information hub during the pandemic, but has come under scrutiny for spreading vaccine misinformation.

MacKenzie Scott is a philanthropist, author and the ex-wife of Amazon founder Jeff Bezos, to whom she was married for 25 years. They divorced in mid 2019 and she received 25% of his Amazon stake.

Alexander Otto owns a stake in Otto Group and is majority shareholder and CEO of ECE Group, a commercial real estate firm focused on shopping centers.

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