Deals
Rongsheng Plans to Sell Shipbuilding, Engineering Assets
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Shares of China Rongsheng Heavy Industries Group Holdings Ltd., the shipbuilder whose woes made it a symbol of the country’s credit binge, will resume trading in Hong Kong this morning after the company said it planned to sell assets to an unidentified Chinese acquirer.
The company intends to sell the core assets and liabilities of its onshore shipbuilding and offshore engineering businesses, according to a statement to the Hong Kong exchange Monday. Trading in Rongsheng’s shares has been halted since March 11.