China Rongsheng Heavy Industries Group is China’s largest private shipbuilder. In July 2013 it announced that it had sought financial help from the Chinese government and big shareholders after laying off some workers and delaying payments to suppliers.
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. Like Rongsheng's shipyards, the area is struggling to survive.Monday, 9 December, 2013, 5:32am
The severe cash position at China Rongsheng Heavy Industries has raised doubts about whether the mainland's largest private shipyard can continue to operate despite the raising of 1.4 billion yuan (HK$1.76 billion) in convertible bonds earlier this month.29 Aug 2013 - 5:02am
The shares of China Rongsheng Heavy Industries Group, the shipyard seeking financial assistance from the government, surged the most in more than nine months after it agreed to issue convertible bonds to raise capital.2 Aug 2013 - 5:28am
China Rongsheng Heavy Industries is in talks with two coastal cities in Jiangsu and government departments to secure financial assistance, as the mainland's shipowners association forecast that a slump in vessel orders will continue next year.10 Jul 2013 - 5:04am
An appeal for government financial support from China’s biggest private shipbuilder presents authorities with some stark choices between protecting a big employer and its jobs or letting the firm go under to ease pressure on a sector suffering from overcapacity and sharply falling new orders.8 Jul 2013 - 1:37pm
China Rongsheng Heavy Industries' cry for help from the government and creditors to get it through a sharp downturn for shipbuilders is likely to fall on deaf ears, industry experts say.6 Jul 2013 - 1:52am