• Sat
  • Dec 20, 2014
  • Updated: 12:01am

China Rongsheng

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.

Shares in China Rongsheng Heavy jump on HK$3.2b fundraising plan

Despite a mild recovery in the shipbuilding market over the past 18 months, Rongsheng has received few new orders. Photo: SCMP

Shares of debt-plagued, loss-making China Rongsheng Heavy Industries Group Holdings took a roller-coaster ride as the shipbuilder moved to overhaul its business, raising billions to support its foray into oil exploration.

Friday, 31 October, 2014, 3:13am

Rongsheng Heavy Industries mulls restructuring to improve finances

Rongsheng Heavy Industries is seeking an independent valuation of the assets held at its main shipyard in Jiangsu province. Photo: Reuters

Embattled shipbuilder China Rongsheng Heavy Industries said it had appointed an independent valuer to assess the assets held at its main production base in Jiangsu province.

1 Oct 2014 - 4:18am

China Rongsheng Heavy Industries signs US$1b shipbuilding contract

Rongsheng is the world's third-largest shipbuilder. Photo: Reuters

China Rongsheng Heavy Industries Group Holdings signed a US$1 billion contract with a European shipowner to build up to 36 bulk carriers within the next three years.

19 May 2014 - 7:21pm

Ghost town a grim backdrop for Rongsheng's woes

Rongsheng Heavy Industries shipyard. Photo: 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. Like Rongsheng's shipyards, the area is struggling to survive.

9 Dec 2013 - 5:32am

China Rongsheng upbeat despite cash concerns

Chen Qiang, chairman and chief executive officer of China Rongsheng Heavy Industries. Photo: Bloomberg

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

China Rongsheng shares jump 12pc after deal to sell convertible bonds

The shares of Rongsheng jumped 12.2 per cent to close at 92 HK cents yesterday.

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

Rongsheng puts case for rescue to officials

China Rongsheng Heavy Industries is in talks with two coastal cities in Jiangsu and government departments to secure financial assistance. Photo: Reuters

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

Is struggling shipbuilder China Rongsheng too big to fail?

Rongsheng workers demonstrate in a protest calling for overdue salaries on Monday. Photo: Reuters

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 sweats on rescue package

A sharp drop in orders at mainland shipyards is leaving workers and their employers with increasingly uncertain futures. Photo: Reuters

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