Hong Kong: As is common for Chinese firms that have suffered embarrassing financial setbacks, a famous name in shipbuilding is mulling a change in brand and focus. China Rongsheng Heavy Industries, the largest private shipbuilder in China, is considering changing its name to China Huarong Energy Company.
The company also announced a share subscription plan to issue more shares to raise HK3.23bn to invest in energy related infrastructure.
The company made losses of RMB3.36bn in the first nine months, an increase of 155% year-on-year.
Rongsheng has been one of the highest profile casualties from the shipbuilding downturn. Earlier reports had suggested that the Hong Kong-listed entity would be restructured with state-run yard conglomerate CSSC coming in to help it out. [30/10/14]