chen rongsheng brands

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.

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.

Shares: 61M SharesChen Rongsheng: male, Chinese nationality, no right of abode abroad, born in 1970, master"s degree. In recent years, Mr. Chen Rongsheng has participated in a number of science and technology projects in Fujian Province, and won the third prize of Fujian science and technology progress award, the title of outstanding young entrepreneur in Fujian Province, and the Fujian youth entrepreneurship Award (outstanding achievement award). Mr. Chen Rongsheng has been the legal representative and chairman of the company"s wholly-owned subsidiary xindongwang Technology Co., Ltd. since 2001, and the director and President of the second board of directors of the company since 2014. He is now the director and President of the third board of directors of the company.

Shares: 61M SharesChen Rongsheng: male, Chinese nationality, no right of abode abroad, born in 1970, master"s degree. In recent years, Mr. Chen Rongsheng has participated in a number of science and technology projects in Fujian Province, and won the third prize of Fujian science and technology progress award, the title of outstanding young entrepreneur in Fujian Province, and the Fujian youth entrepreneurship Award (outstanding achievement award). Mr. Chen Rongsheng has been the legal representative and chairman of the company"s wholly-owned subsidiary xindongwang Technology Co., Ltd. since 2001, and the director and President of the second board of directors of the company since 2014. He is now the director and President of the third board of directors of the company.

Shares: 61M SharesChen Rongsheng: male, Chinese nationality, no right of abode abroad, born in 1970, master"s degree. In recent years, Mr. Chen Rongsheng has participated in a number of science and technology projects in Fujian Province, and won the third prize of Fujian science and technology progress award, the title of outstanding young entrepreneur in Fujian Province, and the Fujian youth entrepreneurship Award (outstanding achievement award). Mr. Chen Rongsheng has been the legal representative and chairman of the company"s wholly-owned subsidiary xindongwang Technology Co., Ltd. since 2001, and the director and President of the second board of directors of the company since 2014. He is now the director and President of the third board of directors of the company.

China Rongsheng Heavy Industries Group, the country"s largest private shipbuilder, said on Monday its chairman had stepped down to devote more time to his personal endeavors.

The company said in a statement on the Hong Kong stock exchange that Zhang Zhi Rong would be replaced by Chief Executive Officer Chen Qiang, effective immediately.

Chen Qiang, chairman of China Rongsheng Heavy Industries Group Holdings Ltd., speaks during a news conference in Hong Kong, China, on Thursday, Nov. 29, 2012. Zhang Zhirong, the founder and biggest shareholder in Rongsheng, quit the board about five weeks after another company he controlled agreed to pay $14 million to resolve U.S. inside-trading claims. Photographer: Jerome Favre/Bloomberg via Getty Images

Since Beijing appears intent on telling investors it is serious about changing the investment-led growth model of the world"s second-biggest economy and controlling a credit splurge, it may seem like the writing is on the wall for China Rongsheng Heavy Industries Group <1101.HK>.

Yet analysts say the government is more likely than not to judge that Rongsheng, which employs around 20,000 workers and has received state patronage, is too big and well connected to fail.

Supporting Rongsheng will not mean China"s economic reform plans are derailed, they say. Instead, it will mean reforms will be gradual and the government will cherry-pick firms it wants to support, which will exclude the small, private shipbuilders that have been folding in waves.

"Rongsheng is a flagship in the industry," said Lawrence Li, an analyst with UOB Kay Hian in Shanghai. "The government will definitely provide assistance if companies like this are in trouble."

Analysts say Rongsheng is possibly the largest casualty of a sector that has grown over the past decade into the world"s biggest shipbuilding industry by construction capacity. Amid a global shipping downturn, new orders for Chinese builders fell by half last year. In Rongsheng"s case, it won orders worth $55.6 million last year, compared with a target of $1.8 billion.

Rongsheng appealed for government aid on Friday, saying it was cutting its workforce and delaying payments to suppliers to deal with tightened cash flow.

In the prospectus for its initial public offer, Rongsheng said it received 520 million yuan of subsidies from the Rugao city government in the southern province of Jiangsu, where the company is based.

The state funds paid for research and development of new types of vessels, and were based in part on the "essential role we play in the local economy", Rongsheng said.

As the world"s largest shipbuilder, it had 1,647 shipyards in 2012, data from China Association of the National Shipbuilding Industry showed. Over 60 percent of its shipbuilders are based in Rongsheng"s province of Jiangsu.

Despite this, the government is providing support for the industry, a sign it will also support Rongsheng given its prominence in the sector, analysts said.

Analysts say what separates Rongsheng from many other companies are its connections with the government and state banks. Rongsheng"s Chief Executive Chen Qiang, for example, enjoys "special government allowances" granted by China"s cabinet, the firm"s annual reports say.

Rongsheng also said in its IPO prospectus that it has two five-year financing deals with Export-Import Bank of China that end in 2014 and in 2015, and a 10-year agreement with Bank of China <3988.HK> starting from 2009.

After all, local government coffers will suffer the biggest blow if Rongsheng goes bust. The firm had 168 million yuan of deferred income taxes in 2012.

BEIJING (Reuters) - Rongsheng Petrochemical , the listed arm of a major shareholder in one of China"s biggest private oil refineries, expects demand for energy and chemical products to return to normal in the country in the second half of this year.

Rongsheng expects to start trial operations of the second phase of the refining project, adding another 400,000 bpd of refining capacity and 1.4 million tonnes of ethylene production capacity in the fourth quarter of 2020.

"We expect the effects of the coronavirus pandemic on energy and chemicals to have basically faded in spite of the possibility of new waves of outbreak," said Quan Weiying, board secretary of Rongsheng, in response to Reuters questions in an online briefing.

But Li Shuirong, president of Rongsheng, told the briefing that it was still in the process of applying for an export quota and would adjust production based on market demand. (Reporting by Muyu Xu and Chen Aizhu; Editing by Jacqueline Wong)