Chinese Shipbuilder Warns of Loss

Press Release
Wednesday, December 26, 2012

In accord with  Hong Stock Exchange rules China Rongsherg Rongsheng Heavy Industries Group announces an expected net loss for year ending 2012.

The Company believes that the net loss is primarily attributable to the decline in the shipbuilding market during the eleven months ended 30 November 2012, which led to the sharp decrease in the orders and prices of vessels compared with the same period last year.

Based on the unaudited consolidated management accounts of the Company and its subsidiaries (collectively the “Group”) for the eleven months ended 30 November 2012 and the preliminary estimation by the Company, the Group is expected to incur a net loss for the year ending 31 December 2012 as compared with the published net profit for the year ended 31 December 2011.

The information contained in this announcement is only based on the preliminary calculations by the Company’s management in accordance with the unaudited consolidated management accounts of the Group, and other information currently available to the Company which have not yet been confirmed or audited by the Company’s auditors.

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