SEC Probe of Zhang Zhirong Hits Two Companies' Shares

Zhang Zhirong, who founded Ch Rongsheng in 2005

(Hong Kong) – The share prices of China Rongsheng Heavy Industries Group Holdings Ltd. and Glorious Property Holdings Ltd. tumbled on July 30 amid an insider trading investigation into their board chairman, Zhang Zhirong.

Zhang is being investigated by the U.S. Securities and Exchange Commission (SEC) in relation to a firm he owns buying shares of a Canadian oil company days before China National Offshore Oil Corp. (CNOOC) announced it was buying it.