When China Rongsheng listed in Hong Kong three years ago, there was so much demand that it nearly doubled the size of the float just days before its debut.
The company, which built ships to haul vast piles of raw materials that fed the housing, infrastructure and manufacturing booms, was then at the heart of China’s economic miracle.
Things are very different now. Last week the company forced half its workers to take “holidays”, due to a dearth of new orders and amid mounting concerns over its high debt levels.
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