Hong Kong: The former boss of China’s largest private shipyard finally relinquished his contolling shareholding of Rongsheng Heavy Industries yesterday. Zhang Zhi Rong, involved in an embarrassing insider trading schedule last year, sold 7% of the issued share capital, worth around HK$820m, yesterday to the company’s current chairman and ceo, Chen Qiang, who now becomes the single biggest shareholder in the Hong Kong-listed shipbuilder. In addition Zhang gave free-of-charge 800,000 shares representing approximately 11.43% of the issued share capital of the company to his father, Zhang De Huang. [25/01/13]
