Rongsheng seeks stake sale

Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Group is in talks with several foreign investors and could sell a one-quarter stake prior to its stock market listing, expected as early as 2009. Privately owned Rongsheng, based in the eastern port city of Nantong, near Shanghai, plans to float shares simultaneously in China and overseas.

Rongsheng started building its first bulk carrier in late 2006 and expects to book as much as 2 billion yuan ($260 million) in sales this year. Its sales target for 2009 is $1 billion.