china rongsheng heavy industries group holdings limited free sample

HONG KONG (Reuters) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 18 percent on Monday after the U.S. securities regulator accused a company controlled by the shipbuilder"s chairman of insider trading ahead of China"s CNOOC Ltd"sbid for Canadian oil company Nexen Inc.Labourers work at a Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province May 21, 2012. REUTERS/Aly Song

The U.S. Securities and Exchange Commission filed a complaint in a U.S. court on Friday against a company controlled by Rongsheng Chairman Zhang Zhirong, and other traders, accusing them of making more than $13 million from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

On Monday, Rongsheng shares dropped as much as 18 percent to HK$1.15, a record low, leaving the company with a market capitalization of just over $1 billion. The company also issued a profit warning, saying first-half earnings would fall sharply as a result of a global shipbuilding downturn, a factor that has already pushed its shares down more than 75 percent in the past year.

Rongsheng - which entered a strategic cooperation agreement with CNOOC in 2010 - said in a Hong Kong filing that it did not expect the U.S. investigation to affect its operations. It said Zhang did not have an executive role in the company.

“The news around the chairman comes on the back of other operational and credibility issues,” Barclays said in a note to clients. “We think China Rongsheng presents significant company-specific risk.”

Zhang was ranked the 22th richest Chinese person by Forbes Magazine in September 2011. But his net worth fell by more than half in the past year to $2.6 billion in March 2012 as shares of Rongsheng tumbled.

Shares of Glorious Property Holdings Ltd, a Chinese real-estate developer in which Zhang has a 68 percent stake based on a December 2011 filing, also fell sharply. The stock fell as low as HK$1.12, down 15 percent from Friday.

CNOOC said on July 23 it had agreed to acquire Nexen for $15.1 billion, China’s biggest foreign takeover bid. Shares of Nexen jumped almost 52 percent that day.

The unnamed Singapore traders used accounts in the names of Phillip Securities and Citibank C.N, while Well Advantage made its trades through accounts held at UBS Securities and Citigroup Global Markets. Neither of the Well Advantage accounts had traded Nexen shares since January 2012, and the Citigroup account had been completely dormant for over six months, the SEC says.

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

Zhang Zhirong has also resigned as chairman of Glorious Property Holdings Ltd, the property developer said, as part of a series of executive changes at the company.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

China Rongsheng Heavy Industries Group Holdings Limited is an investment holding company. The Company has four segments: shipbuilding, offshore engineering, marine engine building and engineering machinery. The Company commenced the construction of its shipyard in Nantong, Jiangsu Province. As of December 31, 2009, the Company鈥檚 shipyard covers approximately four million square meters and occupies 3,058 meters of Yangtze River shoreline. The Company operates its marine engine building business through Rong An Power Machinery. In October 2009, Rong An Power Machinery delivered its marine engine product, a Wartsila 6RT-flex68D low-speed marine diesel engine. The Company through Zhenyu Machinery offers 16 varieties of hydraulic excavators and two varieties of hydraulic crawler cranes. Its products include bulk carriers, crude oil tankers, containerships, offshore engineering products, low-speed marine diesel engines and small to mid-size excavators and cranes for construction and mining.

Ch Rongsheng isa leadinglarge-scaleheavy industry enterprisegroup.It possesses of two manufacturing bases of shipbuilding and offshore engineering in Nantong of Jiangsu Province and diesel engine in Hefei of Anhui Province both approved by NDRC, coveringwide services ranging from shipbuilding, offshoreengineering,power engineering, engineering machineryandetc. Until Dec.With thevision of “cultivate world first-class employees and create world first-class enterprise”,the spirit of “integrity-based, the pursuit of excellence”, and the responsibility ofrevitalizingnational industry, it runs fast toward the great goal of world first-class diversified heavy industry group.

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First, can Li avoid further stimulus? The premier’s supposed shock-therapy program already has its own myth: that China is engineering a sharp slowdown. Li doesn’t WANT growth to slide toward 5% — no Chinese leader in his right mind would at a time when protests are becoming commonplace. Rather, China’s export- and investment-led growth model is burning out on Li’s watch.

Li himself has pledged that China’s growth and employment will stay above a certain floor. That raises doubts about whether he’s ready to accept the pain necessary to see through his reforms. Economists are already buzzing about a Li Keqiang put not unlike former Federal Reserve chairman

Second, is Li ready to allow a headline-grabbing default or two? The secret to China Inc.’s success has been plentiful and mispriced credit. Reckless borrowing, largely through local government-financing vehicles, was the fuel behind China’s years of double-digit growth. Special-purpose companies set up by authorities across China used this cheap money to fund giant infrastructure projects.

Li must take on thousands of party stalwarts who make millions, or billions, of dollars from dodgy land grabs, insider trading and old-fashioned rent-seeking. Politics will stymie Li’s every effort to reduce the state’s role in the economy and create the vibrant private sector China needs in order to thrive. We’ll have a sense of whether he’s serious when the number of unnamed-source gripes in the official media starts to spike.

We are years from knowing if Li can live up to the example set by Deng Xiaoping, who truly did revolutionize China’s economic system. If Li can, Likonomics will deserve to go down in history as a model for developing nations everywhere. Until then, let’s give the phrase a rest. BLOOMBERG

China’s declining working-age population and a jump in jobs in labour-intensive service industries such as logistics may help to limit unemployment in coming years. Swelling local-government debt and environmental degradation underscore the case for letting growth settle at a slower pace than the investment-driven 9.3% average of the past five years.

“We have a shrinking workforce that’s unfavourable for headline growth but favourable from an employment standpoint," said Andrew Polk, an economist in Beijing with The Conference Board, a New York-based research group. “As the economy shifts towards services, which are more labour-intensive and less productive, you can have slower growth but still have robust job creation."

After slowing for two quarters, China’s economy is showing increasing signs of stabilizing and business confidence is improving, statistics bureau spokesman Sheng Laiyun said at a briefing in Beijing on Monday. The Shanghai Composite rose 1.1% as of 10:54am local time, paring this year’s decline to 8.3%.

Signs of stress in the job market this year have included shipbuilder China Rongsheng Heavy Industries Group Holdings Ltd cutting its workforce and manufacturing surveys that pointed to contractions in employment.

The United Nations estimates that the working-age population in China, aged between 15 and 59, will shrink to 929 million by 2020 from 944 million in 2010. As a proportion of the total population, the decline will be to 64.8% from 69.4%. That shift and the increasing role of service industries is cutting the nation’s growth requirements.

One piece of data that economists pay little attention to is China’s main unemployment gauge, the quarterly urban jobless rate, which excludes migrant workers such as Wang and hasn’t budged from 4.1% in almost three years. The gauge rose from 4% in mid-2008 to 4.3% in the depths of the global financial crisis as China’s exports collapsed and millions of migrant workers lost their jobs.

China’s lack of data is a legacy of its planned economy when rural peasants worked on farms and urban residents were allocated jobs. That changed in the 1990s when then Premier Zhu Rongji started overhauling state-owned enterprises, which led to 30 million to 50 million workers losing their jobs, according to estimates in International Monetary Fund (IMF) reports.