China Rongsheng Says Zhang Gives Up Controlling Stake

Zhang Zhirong, one of the richest men in China, gave up his controlling stake in China Rongsheng Heavy Industries Group Holdings Ltd., the country’s largest shipbuilder outside state control, which he co-founded.

The former chairman has reduced his interest to 29.32 percent from almost 48 percent in transactions with his father and Rongsheng’s new head, according to a company filing to the Hong Kong stock exchange yesterday. He remains the biggest shareholder, it said.