china rongsheng heavy industries group holdings limited in stock

China Rongsheng Heavy Industries Group Holdings Limited (SEHK:1101) announced a private placement of 1,000 7% convertible bonds due 2016 at a price of HKD 1,000,000 per bond for gross proceeds of HKD 1,000,000,000 on April 30, 2014. The transaction will include participation from new investor, Star Team Enterprises Inc. The bond will bear interest at 7% per annum and will mature in 30 months from the date of closing of the transaction. The interest will be payable by the company annually in arrears.

The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announces that with effect from 30 December 2010 (Thursday), China Rongsheng Heavy Industries Group Holdings Ltd (Stock code: 1101) will be admitted to the list of designated securities eligible for short selling.

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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.

HONG KONG (Reuters) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 16 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 (8.2 million pounds) from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

“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.”

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

Rongsheng, controlled by Zhang, also issued a profit warning on Monday, saying first-half earnings would fall sharply as a result of the shipbuilding downturn.

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 controlled by Zhang Zhirong, also fell sharply. The stock was down 12.9 percent as of 0304 GMT.

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.

China Rongsheng Heavy Industries Group Holdings Ltd., the shipyard that has become symbolic of a credit glut gone wrong, said a spate of canceled orders led to

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

China Rongsheng Heavy Industries Group Holdings Ltd., once the country’s largest private shipyard, said it will not proceed with a proposed warrant sale

China Rongsheng Heavy Industries Group, the country"s largest private shipbuilder, said its first-half net loss widened more than ten times as shipowners

Private-sector shipyards such as Rongsheng Heavy Industries and China Ocean Shipbuilding Industry Group Ltd report another very tough year of losses in 2013

By Adam Jourdan and Keith Wallis RUGAO, China/SINGAPORE, Dec 6 (Reuters) – Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun

China Rongsheng Heavy Industries Group, the country"s largest private shipbuilder, said on Wednesday it expects to report a substantial full-year loss just

Rongsheng Heavy Industries announced in a stock filing today their plan to issue HK$1,400,000,000 (USD $180 million) in convertible bonds in an effort to help

HONG KONG/SINGAPORE, July 11 (Reuters) – A court has granted a unit of China Rongsheng Heavy Industries approval to proceed with legal action to reclaim

China Rongsheng Heavy Industries Group, China"s largest private shipbuilder, appealed for financial help from the Chinese government and big shareholders on

As forewarned in December, Chinese shipbuilder Rongsheng Heavy Industries, posted a 2012 loss of USD $92 million, the opposite of the $90 million profit they

HONG KONG, March 25 (Reuters) – China Rongsheng Heavy Industries Group Holdings Ltd won its first orders to build two jack-up rigs worth more than $360

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China Rongsheng Heavy Industries Group Holdings Ltd, the private-sector shipbuilder that had sought financial assistance, has secured cash for restructuring and announced changing the company"s name as it shifts focus to energy.

Shifting its focus to oil will need a lot more funds, which Rongsheng already struggled to get as a shipbuilder, said Francis Lun, chief executive officer of Geo Securities Ltd.

The company had sought help from the government to benefit from a rebound in China"s shipbuilding industry after cutting its workforce and running up huge debts amid a global downturn in orders.

In September the Jiangsu shipyard unit was listed among 51 shipbuilding facilities in China deemed worthy of policy support as the industry grapples with overcapacity.

Rongsheng said it has now received the results of an appraisal by an independent assessor, which will be used as the basis for the restructuring in which it also plans to change its name to China Huarong Energy Co to more accurately reflect its expansion and new business scope.

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 Shanghai-based company said on Aug 21 that it is entering the energy business by buying 60 percent in a Kyrgyzstan oilfield by issuing new shares. It said on Oct 15 that it is seeking to identify new investment opportunities outside of China including in Central Asia.

Shares in the maker of bulk carriers and oil tankers had been suspended from trading since Aug 29 in Hong Kong, pending the restructuring details. Rongsheng had first-half net losses of 3.06 billion yuan ($501 million), more than double last year"s.

Rongsheng was overdue on principal and interest payments on 8.57 billion yuan of bank loans on June 30, according to a Hong Kong Stock Exchange filing on Aug 29.

The shipyard of China Rongsheng Heavy Industries Group Holdings Ltd in Rugao, Jiangsu province. The company will generate HK$2.55 billion ($326.4 million) in a share sale in the next six months and HK$3.23 billion thereafter. Li Junfeng / China Daily