The last time billionaire Zhang Zhirong made major international headlines was last October after a company he controls settled a U.S. insider trading case in connection with Chinese government-controlled Cnooc Cnooc?s purchase of Canadian energy firm Nexen Nexen. ??Zhang afterward gave up the chairmanship of his two major listed companies, shipbuilder China Rongsheng and real estate developer Glorious Property, to ?devote more time to his personal endeavors.?
Problems at China Rongsheng, where he still owns a 29% stake, have Zhang back in the news. Shares in the Hong Kong-traded company have plunged 31% since July 2. China Rongsheng, facing slack demand for ships, on July 4 projected a loss for the first half of 2013 and confirmed some job cuts.
On Thursday, shareholders got some relief when China Rongsheng rose for the first time since July 2, but it fell 1.2% again on Friday. Buyers are hoping that the company can find financial support from ?the Chinese government.? China Rongsheng?s efforts to diversify business beyond shipbuilding haven?t been successful fast enough to offset the drag from its core business.
At least Zhang can take heart that he isn?t likely to lose his billionaire standing anytime soon. His stake in real estate developer Glorious and disposals of shares in his listed companies over the years will keep him well over that level. ?Among those sales, Zhang in January sold a 7% stake in China Rongsheng to current chairman Chen Qiang.
?Zhang ranked No. 736 on the 2013 Forbes Billionaires List released in March with wealth of $2 billion.
? Follow me on Twitter @rflannerychina
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