Cash injection eases shipbuilder's financial woes

China Rongsheng Heavy Industries Group Holdings Ltd, the private-sector shipbuilder that had sought financial assistance, has secured cash for restructuring and announced changing the company's name as it shifts focus to energy.

The country's second-largest private vessel maker has been given a HK$3.23 billion ($417 million) cash injection, the company said in Hong Kong Stock Exchange filings.

A firm owned by private-equity investor Wang Ping will pay HK$510 million for warrants with an exercise price of HK$1.60 a share, cut to HK$1.20 if used within six months.