China Rongsheng’s Government-Aid Call Drives Shares Down
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China Rongsheng Heavy Industries Group Holdings Ltd., the nation’s biggest shipyard outside state control, sought government financial support as orders plunged, sending its shares to a record low.
The shipbuilder fell 16 percent in Hong Kong trading after saying it had a loss in the first half and that it was “gradually” reducing production. The company lost about HK$2 billion ($258 million) in market value after saying on July 3 that some idled contract workers had surrounded the entrance of its main factory in Jiangsu province.