https://www.scmp.com/rss/308171/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Shares of debt-plagued, loss-making China Rongsheng Heavy Industries Group Holdings took a roller-coaster ride yesterday as the shipbuilder moved to overhaul its business, raising billions to support its foray into oil exploration and changing its name to reflect its new interest in energy. Rongsheng announced on Wednesday it planned to raise up to HK$3.23 billion by issuing unlisted warrants to Kingwin Victory Investment, a vehicle owned by mainland private equity investor Wang Ping. In their... https://www.scmp.com/business/article/1628076/shares-china-rongsheng-heavy-jump-hk32b-fundraising-plan?utm_source=rss_feed https://www.scmp.com/business/article/1628076/shares-china-rongsheng-heavy-jump-hk32b-fundraising-plan?utm_source=rss_feed Thu, 30 Oct 2014 02:45:00 +0000 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, in a step towards the potential restructuring of the mainland's biggest privately owned shipbuilder. Rongsheng said in a Hong Kong stock market filing on Monday evening that the asset appraisal would form the basis for a potential restructuring at its main shipyard in Rugao City, Jiangsu, and the process would be completed... https://www.scmp.com/business/companies/article/1604946/rongsheng-heavy-industries-mulls-restructuring-improve-finances?utm_source=rss_feed https://www.scmp.com/business/companies/article/1604946/rongsheng-heavy-industries-mulls-restructuring-improve-finances?utm_source=rss_feed Tue, 30 Sep 2014 20:18:09 +0000 China Rongsheng Heavy Industries Group Holdings, one of the biggest shipbuilders in the country, signed a US$1 billion contract with a European shipowner to build up to 36 bulk carriers within the next three years, thanks in part to a strong global shipping market. Of the total, 24 are confirmed orders and 12 are optional in that the shipowner can buy them at a fixed price in the future to hedge against unpredictable spikes in ship prices. The buyer can also choose not to buy if shipping rates... https://www.scmp.com/business/companies/article/1515163/china-rongsheng-heavy-industries-signs-us1b-shipbuilding-contract?utm_source=rss_feed https://www.scmp.com/business/companies/article/1515163/china-rongsheng-heavy-industries-signs-us1b-shipbuilding-contract?utm_source=rss_feed Sun, 18 May 2014 19:15:15 +0000 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. The shipbuilder last 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 a record 572.6... https://www.scmp.com/business/companies/article/1376216/ghost-town-grim-backdrop-rongshengs-woes?utm_source=rss_feed https://www.scmp.com/business/companies/article/1376216/ghost-town-grim-backdrop-rongshengs-woes?utm_source=rss_feed Sun, 08 Dec 2013 20:45:30 +0000 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. The money raised was just a fraction of its total borrowings of 25 billion yuan as at June 30 - of which 15 billion yuan will be due for repayment next June, according to the company's latest filing to the Hong Kong stock exchange. The... https://www.scmp.com/business/china-business/article/1300215/doubts-hang-over-china-rongshengs-ability-survive?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1300215/doubts-hang-over-china-rongshengs-ability-survive?utm_source=rss_feed Wed, 28 Aug 2013 16:00:00 +0000 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. The Shanghai-based company aims to raise a net HK$1.38 billion from selling the bonds to Action Phoenix, it said in a statement to the Hong Kong stock exchange on Wednesday. The bonds maturing in 2016 have a coupon of 7 per cent. Their initial conversion price is HK$1 a share,... https://www.scmp.com/business/companies/article/1293732/china-rongsheng-shares-jump-12pc-after-deal-sell-convertible?utm_source=rss_feed https://www.scmp.com/business/companies/article/1293732/china-rongsheng-shares-jump-12pc-after-deal-sell-convertible?utm_source=rss_feed Thu, 01 Aug 2013 16:00:00 +0000 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. The country's largest shipyard outside state control was in discussions with the cities of Rugao and Nantong and some ministry-level departments related to the shipping industry, Rongsheng spokesman William Li said yesterday. The company said on Friday... https://www.scmp.com/business/china-business/article/1279089/rongsheng-puts-case-rescue-officials?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1279089/rongsheng-puts-case-rescue-officials?utm_source=rss_feed Tue, 09 Jul 2013 16:00:00 +0000 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. 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... https://www.scmp.com/business/companies/article/1277887/struggling-shipbuilder-china-rongsheng-too-big-fail?utm_source=rss_feed https://www.scmp.com/business/companies/article/1277887/struggling-shipbuilder-china-rongsheng-too-big-fail?utm_source=rss_feed Mon, 08 Jul 2013 05:37:09 +0000 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. The mainland's largest privately owned vessel maker has seen its shares sink in value as mounting debts and falling orders forced it to seek a rescue package and slash its workforce. The company's actions resulted in a protest that sealed off the entrance to its main plant and led to the suspension of trading in... https://www.scmp.com/business/companies/article/1275821/china-rongsheng-says-seeks-govt-help-warns-h1-loss?utm_source=rss_feed https://www.scmp.com/business/companies/article/1275821/china-rongsheng-says-seeks-govt-help-warns-h1-loss?utm_source=rss_feed Fri, 05 Jul 2013 02:07:22 +0000