china rongsheng heavy industries group holdings manufacturer

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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The Board is pleased to announce that the English name of the Company has been changed from "China Rongsheng Heavy Industries Group Holdings Limited" to "China Huarong Energy Company Limited" and the Chinese name of the Company has been changed from

The stock short name of shares of the Company for trading on the Stock Exchange will be changed from "CH RONGSHENG" to "HUARONG ENERGY" in English and from "中國 熔盛重工" to "華榮能源" in Chinese with effect from 9:00 a.m. on 24 April 2015. The stock

Reference is made to the announcement of China Huarong Energy Company Limited (formerly known as China Rongsheng Heavy Industries Group Holdings Limited) (the "Company") dated 29 October 2014 and the circular of the Company dated 17 February

The Board is pleased to announce that the English name of the Company has been changed from "China Rongsheng Heavy Industries Group Holdings Limited" to "China Huarong Energy Company Limited" and the Chinese name of the Company has been changed from

The stock short name of shares of the Company for trading on the Stock Exchange will be changed from"CH RONGSHENG" to "HUARONG ENERGY" in English and from "中國熔 盛重工" to "華榮能源" in Chinese with effect from 9:00 a.m. on 24 April 2015. The 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 December 23, 2013. The transaction will include participation from Partners Kingwin Fund and Kingwin Victory Investment Limited, entity managed by Wang Ping which will invest HKD 500,000,000 each. The bonds will bear interest at a rate of 7% per annum payable annually in arrears. The bonds will be issued at 100% of the principal amount. The bonds will mature on date falling 30 months after closing. Both of the investors will nominate one candidate, each as non-executive Director on the company"s board of directors. The bonds will be convertible into 952,380,952 shares at a conversion price of HKD 1.05 per share, representing 11.98% stake in the company. The conversion period will start on issuance and will end on maturity date. The company will receive net proceeds of HKD 992,500,000 after deduction of commissions and expenses. The subscription and conversion of bonds is not subject to shareholders" approval.

RUGAO, China/SINGAPORE (Reuters) - 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.A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province December 4, 2013. REUTERS/Aly Song

The shipbuilder this week predicted a substantial annual loss, just months after appealing to the government for financial help as it reeled from industry overcapacity and shrinking orders. Rongsheng lost an annual record 572.6 million yuan ($92 million) last year, and lost 1.3 billion yuan in the first half of this year.

While Beijing seems intent to promote a shift away from an investment-heavy model, with companies reliant on government cash injections, some analysts say Rongsheng is too big for China to let fail.

Local media reported in July that Rongsheng had laid off as many as 8,000 workers as demand slowed. Three years ago, the company had about 20,000 staff and contract employees. This week, the shipbuilder said an unspecified number of workers had been made redundant this year.

“Without new orders it’s hard to see how operations can continue,” said one worker wearing oil-spattered overalls and a Rongsheng hardhat, adding he was still waiting to be paid for September. He didn’t want to give his name as he feared he could lose his job.

“Morale in the office is quite low, since we don’t know what is the plan,” said a Rongsheng executive, who declined to be named as he is not authorized to speak to the media. “We have been getting orders but can’t seem to get construction loans from banks to build these projects.”

While Rongsheng has won just two orders this year, state-backed rival Shanghai Waigaoqiao Shipbuildinghas secured 50, according to shipbroker data. Singapore-listed Yangzijiang Shipbuildinghas won more than $1 billion in new orders and is moving into offshore jack-up rig construction, noted Jon Windham, head industrials analyst at Barclays in Hong Kong.

Frontline, a shipping company controlled by Norwegian business tycoon John Fredriksen, ordered two oil tankers from Rongsheng in 2010 for delivery earlier this year. It now expects to receive both of them in 2014, Frontline CEO Jens Martin Jensen told Reuters.

Greek shipowner DryShips Inchas also questioned whether other large tankers on order will be delivered. DryShips said Rongsheng is building 43 percent of the Suezmax vessels - tankers up to 200,000 deadweight tons - in the current global order book. That"s equivalent to 23 ships, according to Rongsheng data.

Speaking at a quarterly results briefing last month, DryShips Chief Financial Officer Ziad Nakhleh said Rongsheng was “a yard that, as we stated before, is facing difficulties and, as such, we believe there is a high probability they will not be delivered.” DryShips has four dry cargo vessels on order at the Chinese firm.

Rongsheng declined to comment on the Dryships order, citing client confidentiality. “For other orders on hand, our delivery plan is still ongoing,” a spokesman said.

At least two law firms in Shanghai and Singapore are acting for shipowners seeking compensation from Rongsheng for late or cancelled orders. “I’m now dealing with several cases against Rongsheng,” said Lawrence Chen, senior partner at law firm Wintell & Co in Shanghai.

Billionaire Zhang Zhirong, who founded Rongsheng in 2005 and is the shipyard"s biggest shareholder, last month announced plans to privatize Hong Kong-listed Glorious Property Holdingsin a HK$4.57 billion ($589.45 million) deal - a move analysts said could raise money to plug Rongsheng"s debts.

Meanwhile, Rongsheng’s shipyard woes have already pushed many people away from nearby centers, and others said they would have to go if things don’t pick up. Some said they hoped the local government might step in with financial support.

The Rugao government did not respond to requests for comment on whether it would lend financial or other support to Rongsheng. Annual reports show Rongsheng has received state subsidies in the past three years.

The exodus has left row upon row of deserted apartments, with just a few old garments strewn on the floor and empty name tags to show for what was a bustling community before China’s economic growth began to slow and credit tightened at a time when global shipping, too, turned down.

(Bloomberg) — 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 negative sales for the year and warned again that it could go out of business.

Rongsheng has been searching for funds after the global economic slowdown and massive overcapacity had what it called a “profound impact” on the shipping industry last year. The company is in talks to sell its shipbuilding and offshore engineering businesses and focus more on energy, and reiterated a warning that it might be forced out of business if those efforts don’t succeed.

“Operation of the group has been minimal owing to the shortage of funds to complete its existing shipbuilding orders on schedule,” Rongsheng said in the statement. If the company fails to sell assets and raise funds, “it might not be able to continue to operate as a going concern and adjustments would have to be made to write down the carrying value of assets.”

China’s private shipbuilders are facing stiff competition from state-owned yards that have government backing and easier access to funds. China has lost its title as the world’s biggest shipbuilding nation, and so far this year is No. 3 after South Korea and Japan, according to JPMorgan Chase & Co.

Rongsheng has sought help, including from the government, after it trimmed its workforce and ran up debt amid a global downturn in orders. The company said March 5 it wouldn’t proceed with a proposed warrant sale after Kingwin Victory Investment Ltd. owner Wang Ping — who had pledged to invest as much as HK$3.2 billion — was detained in February, people with knowledge of the matter said in early March.

The Hong Kong-listed shipbuilder said in a statement it on Friday submitted an application to the nation’s securities regulator for approval of its plan to withdraw a bid to buy Anhui Quanchai Group Corp., a diesel engine maker, from the local government of Anhui Province’s Quanjiao County. Anhui Quanchai Group’s unit Anhui Quanchai Engine Co. is listed on the Shanghai Stock Exchange.

In the same month, the company’s non-executive chairman and co-founder Zhang Zhirong was accused by the U.S. Securities and Exchange Commission for insider trading ahead of a public disclosure that Chinese state-owned oil company Cnooc Ltd. plans to acquire U.S.-listed Canadian energy producer Nexen Inc. for $15.1 billion. China Rongsheng subsequently issued a statement on July 30 to state that the U.S. regulator’s investigation against Mr. Zhang has no impact on its operations.