Rongsheng Heavy delays IPO

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Nantong: Jiangsu Rongsheng Heavy Industries Group Co., Ltd., one of China's largest private shipbuilders, will postpone its $2bn listing plan, due to the global financial crisis. However, the firm stressed its shipbuilding orders worth nearly US$1.7bn have not been cancelled.
In August 2008, Rongsheng Heavy Industries entered into a nearly US$1.7 billion shipbuilding contract with the world's top iron ore supplier, Vale, formerly known as Companhia Vale do Rio Doce (CVRD), for a series of very large ore carriers.  [11/02/09]