chen rongsheng quotation

China"s economy is recovering from a trough hit in the second quarter, with oil demand expected to rebound next year as Beijing eases COVID-19 restrictions, senior Chinese refining executives said on Wednesday. The recovery will come on the back of an expected contraction in oil demand in the world"s biggest energy consumer in 2022, the first in two decades, as China"s zero-COVID policy ravaged its economy and restricted movements. "This year we have seen the decline of imports of crude oil, first time in many, many years in China," Chen Hongbing, deputy general manager at Rongsheng Petrochemical, told a forum at the 38th Annual Asia Pacific Petroleum Conference (APPEC).

Chen Qiang, Chairman and Chief Executive Officer of China Rongsheng Heavy Industries Group Holdings Limited entered into a share transfer agreement to acquire 7% stake in China Rongsheng Heavy Industries Group Holdings Limited (SEHK:1101) from Fine Profit Enterprises Limited for approximately HKD 820 million on January 24, 2013. Zhang Zhi Rong will pay HKD 1.674 per Share of China Rongsheng Heavy Industries Group Holdings Limited.

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.

Zhang Zhirong quit to devote more time to his personal interests and will be replaced by the company’s chief executive officer, Chen Qiang, effective immediately, the company said on Monday in a statement to the Hong Kong stock exchange.

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.

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.

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.

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.

Gasoline consumption is expected to pick up while jet fuel demand may take longer to recover, Chen Hongbing, deputy general manager at Rongsheng Petrochemical told a forum at the 38th Annual Asia Pacific Petroleum Conference (APPEC). Financial Post Top Stories

Diesel demand at the world’s top crude importer and No. 2 oil consumer has been robust this year, leading to low inventories, said the executive from China’s largest private refiner by capacity. (Reporting by Chen Aizhu, Muyu Xu, Emily Chow and Florence Tan; Editing by Jacqueline Wong)

Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. engages in the production of recycled paper. Its business areas include papermaking, paper products, and thermoelectricity cogeneration. The company"s products include Kraft board paper, corrugated paper, high-density cardboards, corrugated cardboards, corrugated cartons, and steam. Zhejiang Rongsheng Environmental Protection Paper was founded on May 16, 1980 and is headquartered in Pinghu, China.

China will send 176 athletes to the coming.Theathletes of Peng Qingyue, Chen Degen, Liu Rongsheng and Pu Rui, will compete in ski jumping, cross-country skiing and freestyle skiing.

Based on CHEN RONGSHENG, the EIZTON trademark is used in the following business: Dice; Dolls; Dumb-bells; Kites; Shuttlecocks; Skateboards; Swings; Abdomen protectors for athletic use; Artificial fishing bait; Body-building apparatus; Chess games; Chest developers; Chest expanders; Children"s educational toys for developing fine motor, oral language, numbers, counting, colors and alphabet skills sold in a fabric bag which has a clear vinyl window for viewing small trinkets and toys securely contained within the bag itself; Climbers" harness; Exercise equipment in the nature of exercise bands; Fishing rods; Fishing tackle; Fitness machines and equipment, namely, weights, treadmills, rowing machines, stair stepping machines, resistance machines, stationary cycles; Flying discs; Game apparatus, namely, bases, bats, and balls for playing baseball-like indoor and outdoor games; Inflatable swimming pools; Kite reels; Knee guards for athletic use; Leg guards for athletic use; Manually-operated exercise equipment; Play balloons; Portable games with liquid crystal displays; Rackets; Remote-controlled toy vehicles; Running machines; Shin guards for athletic use; Skipping ropes; Smart electronic toy vehicles; Smart robot toys; Spinning tops; Stationary exercise bicycles; Swimming rings; Talking toys; Toy cars; Toy drones; Toy masks; Toy putty; Toy robots; Toy scooters; Toy for pets; Waist protectors for athletic use; Waist trimmer exercise belts; Wrist guards for athletic use; Yoga blocks; In-line roller skates; Toy building blocks.

In 2016, during the period of frenzied post-licensing crude oil importing by Chinese independents, Saudi Arabia began targeting teapots on the spot market, as did Kuwait. Iran also joined the fray, with the National Iranian Oil Company (NIOC) operating through an independent trader Trafigura to sell cargoes to Chinese independents.[27] Since then, the coming online of major new greenfield refineries such as Rongsheng ZPC and Hengli Changxing, and Shenghong, which are designed to operate using medium-sour crude, have led Middle East producers to pursue long-term supply contracts with private Chinese refiners. In 2021, the combined share of crude shipments from Saudi Arabia, UAE, Oman, and Kuwait to China’s independent refiners accounted for 32.5%, an increase of more than 8% over the previous year.[28] This is a trend that Beijing seems intent on supporting, as some bigger, more sophisticated private refiners whose business strategy aligns with President Xi’s vision have started to receive tax benefits or permissions to import larger volumes of crude directly from major producers such as Saudi Arabia.[29]