China Rongsheng Suspends Warrant Issue as Investor Detained

China Rongsheng Heavy Industries Group Holdings Ltd., once the country’s largest private shipyard, said it will not proceed with a proposed warrant sale after a potential investor who pledged as much as HK$3.2 billion ($413 million) was detained.

Wang Ping, owner of private-equity firm Kingwin Victory Investment Ltd., was detained last month on criminal allegations unrelated to the deal, according to people with knowledge of the matter. They asked not to be named because the move hasn’t been made public.