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Rongsheng shares in steep dive in HK
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SHARES of shipbuilder China Rongsheng Heavy Industries Group Holdings Ltd lost 4 percent to 72 Hong Kong cents (9 US cents) after it resumed trading on the Hong Kong stock exchange yesterday.
In a statement to the Hong Kong exchange late on Monday, the shipbuilder said it plans to sell its core assets and liabilities of its onshore shipbuilding and offshore engineering businesses.
Trading in Rongsheng’s shares had been halted since March 11 after it announced plans to sell its assets to an unidentified Chinese buyer. Once China’s largest private shipbuilder, Rongsheng has fallen on bad days as orders dried up.
The company also fell behind on principal and interest payments on 8.57 billion yuan (US$1.4 billion) of bank loans.
The shipbuilder has been shifting its business focus to oil and gas exploitation after the company’s shares in shipbuilding and ship engineering shrank.
In August, Rongsheng acquired 60 percent of the shares in the Kyrgyzstan subsidiary of New Continental Oil & Gas Co.
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