Caixin
Mar 12, 2015 07:27 PM

Rongsheng Boss: Problems Linked to Blind Expansion, Gov't Policies

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(Beijing) – Jiangsu Rongsheng Heavy Industries Group Co. once excited investors with its advanced facilities, huge orders and rapid growth, but now it is known for the heavy debts it has racked up.

Over a decade, Rongsheng grew into China's largest privately owned shipbuilder, but then to the edge of the bankruptcy abyss. Two bailout attempts have failed, and it is still unclear how the company will move forward.

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