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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.

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 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.

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.

This announcement is issued by China Rongsheng Heavy Industries Group Holdings Limited (the "Company") in accordance with Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcement of the Company dated 21 March 2012 in respect of the issue of medium-term notes by its subsidiary, Jiangsu Rongsheng Heavy Industries Co., Ltd. (江 蘇熔盛重工有限公司) ("Jiangsu Rongsheng Heavy Industries"), in the People"s Republic of

Pursuant to the relevant rules and regulations in the PRC, the unaudited financial information (the "Unaudited Quarterly Financial Information") of Jiangsu Rongsheng Heavy Industries, which is indirectly owned by the Company as to approximately 96.38%, and its subsidiaries for the nine months ended 30 September 2014 was published on http://www.chinabond.com.cn/www.chinabond.com.cn and www.chinamoney.com.cn on 17 October 2014.

Set out below are the key unaudited financial figures of Jiangsu Rongsheng Heavy Industries and its subsidiaries for the nine months ended 30 September 2014 as included in the Unaudited Quarterly Financial Information, which have been prepared in accordance with the PRC Generally Accepted Accounting Principles and have not been audited:

For the nine months ended 30 September 2014, Jiangsu Rongsheng Heavy Industries and its subsidiaries recorded an operating loss and a total loss of approximately RMB2,778.6 million and RMB3,362.2 million respectively, and a net loss of approximately RMB3,362.2 million

The net loss incurred for the nine months ended 30 September 2014 was primarily due to the low prices of shipbuilding orders in depressed market conditions and the diminishing profitability of the conventional shipbuilding business. The net loss was also due to the decline of production activities of Jiangsu Rongsheng Heavy Industries despite considerable fixed production cost and the adjustment of the contract price of certain shipbuilding contracts. Such loss may lead to adverse effects on the production and operation, financial position and repayment capacity of Jiangsu Rongsheng Heavy Industries. Jiangsu Rongsheng Heavy Industries has been proactively adopting measures to improve operational performance and financial position, and to mitigate liquidity pressure. These measures include but are not limited to: actively negotiating with principal banks in the PRC on the terms and conditions of the extension and renewal of borrowings; obtaining financial support from a shareholder of its holding company; negotiating for better payment terms and revising up prices of certain existing shipbuilding orders; redesigning operation flow and controlling costs for existing shipbuilding orders; maximizing sales efforts and obtaining the appropriate project-based financing; establishing strategic cooperation with key suppliers with a view to reduce the costs of supplies.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. CHINA RONGSHENG HEAVY INDUSTRIES GROUP HOLDINGS LIMITED

ATHENS, GREECE--(Marketwired - Sep 3, 2014) - DryShips Inc. (NASDAQ: DRYS), or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced that it has reached an agreement with Jiangsu Rongsheng Heavy Industries (RSHI), to cancel the newbuilding contracts for four ice-class panamax bulker vessels, in exchange for the refund of all installments paid to RSHI plus interest. All amounts due under this agreement have been received in full by the Company.

The company said that the struggles of its shipbuilding arm, Jiangsu Rongsheng Heavy Industries, had been hampering efforts to expand in energy services

China Rongsheng Heavy Industries Group Holdings Limited [1101.HK] has announced that it has signed a memorandum of understanding that will see its shipbuilding business, Jiangsu Rongsheng Heavy Industries, sold to an undisclosed potential purchaser.

According to the company, the depressed shipbuilding market had led to operational difficulties at Jiangsu Rongsheng Heavy Industries, while its highly-leveraged state was also interfering with the company"s efforts to expand in oil and gas exploration elsewhere.

"The Potential Transaction shall adjust and optimize the assets and business of the Group, and divest the relevant assets and liabilities of the shipbuilding business and offshore engineering business, which shall help to ease the debt burden of the Group, enhance the flexibility of fund utilization, better implement the strategy of business transformation and transformation into an energy service provider focusing in the oil and natural gas market," said the company.

It was reported in 2012 that in the face of market difficulties, China Rongsheng Heavy Industries had turned its focus to building containerships with a "green design" as one its key products.

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.

HONG KONG, Dec 4 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said on Wednesday it expects to report a substantial full-year loss just months after it appealed to the government for financial help.

“The company believes that the net loss is primarily attributable to the decrease in revenue as a result of the company’s conservative sales strategy under the current trough stage of the shipbuilding market,” China Rongsheng said in a statement to the Hong Kong stock exchange.

Workers at Rongsheng’s Nantong shipyard in eastern China told Reuters on Wednesday that morale was low, with some employees complaining about a shortage of work.

Greek ship owner Dryships Inc has already questioned whether some of the ships on order at China Rongsheng will be delivered, which could hit its revenue and profitability next year. Dryships has four dry bulk carriers on order at the company’s shipbuilding subsidiary, Jiangsu Rongsheng Heavy Industries, that are due for delivery in 2014.

China Rongsheng, which sought financial help from the government in July, has said it won only two shipbuilding orders worth $55.6 million last year when its target was $1.8 billion worth of contracts.

A shipbuilding source said: “The shipyard has had no confirmed orders since June 30 because payment terms and contract prices were still unfavorable. But China Rongsheng has signed some letters of intent which have yet to be transformed into confirmed orders.”

Rongsheng return: Ex-Chinese shipbuilder Jiangsu Rongsheng Heavy Industries is apparently making a comeback. The Nantong-based yard was once China’s largest privately owned shipyard but the debt-laden yard exited the shipbuilding business in 2014 following the global financial crash. But this week it inked a letter of intent for 10 bulker newbuildings with Greek shipowner George Economou’s Cardiff Marine. Sources said that Rongsheng’s chief executive David Luan has been rehired to restart Rongsheng.

Climate crosshairs: Climate change activists could target ships for arrest if owners fail to live up to commitments to cut greenhouse gas emissions, according to prominent maritime lawyers speaking at a recent seminar in London. With environmental-related litigation on the rise, pressure groups are likely to place the industry under ever-closer scrutiny and activists could target shipowners that have failed to make proper plans to cut emissions or have over-inflated claims about the steps they are taking, the seminar heard.

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.

--FILE--A shipbuilding plant of China Rongsheng Heavy Industries Group Holdings Ltd is seen in Nantong city, east Chinas Jiangsu province, 23 May 2012. China Rongsheng Heavy Industries Group Holdings Ltd may report its first annual loss in four years amid a slump in the shipbuilding market. The decline in demand has led to the sharp decrease in orders and prices of vessels compared with the same period last year, Rongsheng Chinas largest private shipbuilder, said in a filing to the Hong Kong stock exchange yesterday (24 December 2012), without giving figures. The shipbuilder in August reported an 82 percent plunge in first-half earnings as a global economic slowdown and overcapacity sank demand for vessels.

Rongsheng Heavy Industries Group Holdings Ltd"s shares have been suspended on the Hong Kong Stock Exchange after a media report said that the company cut 8,000 jobs in recent months.

The Jiangsu-based company - China"s largest private shipyard - has been hit by a slowdown in the global shipping industry as well as sluggish domestic demand for new ships.

The company"s shares dropped 10 percent on Wednesday after it told the Wall Street Journal that some of its contract workers had engaged in "disruptive" activities and had surrounded the entrance of its factory in Jiangsu province.

Last year, Rongsheng Offshore & Marine was established in Singapore to seek new market growth points. Its business segments include shipbuilding, offshore engineering, marine engine building and engineering machinery.

"In 2011, the market was so-so, but 2012 was bad and the situation this year is cruel," said Li Aidong, president of Daoda Heavy Industry Group, an 8,000-worker shipyard in Jiangsu.