Rongsheng’s stock soars as new investor revealed

Hong Kong: After sealing vital new orders in the past week China Rongsheng Heavy Industries saw its stock price leap 6.5% to its highest price in seven months, as Hong Kong newspaper Apple Daily reported on Friday Cheng Kin Ming, a controlling shareholder of Shunfeng Photovoltaic International Limited, was behind the HK$1bn convertible bonds the shipbuilder issued in late December. 

In an eventful few days for the embattled shipbuilder, whose orderbook has sunk perilously low during the downturn, the yard’s chief operating officer resigned earlier this week. [03/01/14]

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