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Rongsheng founder cedes control

Rongsheng founder cedes control
Hong Kong: Zhang Zhirong, former chairman of China Rongsheng Heavy Industries, has relinquished his controlling stake in the shipyard following his involvement in insider trading last year.

On Thursday, Zhang sold 7% of the issued share capital worth around HKD820m ($105.8m) to China Rongsheng's present chairman and ceo Chen Qiang. The deal includes an agreement not to dispose any of the shares within five years without Zhang's consent.

In addition, Zhang gave 800m shares, or 11.43% of the issued share capital, for free to his father Zhang Dehuang.

After the deals, Zhang will retain 29.32% of the company while Chen will have 16.66%.

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