Shares in China Rongsheng Heavy Industries Group Holdings, the heavily indebted shipbuilder, rose 16 per cent on Thursday as it said it would raise as much as HK$3.2bn ($417m) to develop new energy businesses.
周四，负债累累的中国熔盛重工集团控股有限公司（简称熔盛重工）表示，将融资至多32亿港元（合4.17亿美元）用于发展新的能源业务。其股价应声上涨16%，但随后又大幅下滑，至下午3时已下跌2.21%。

The private sector company has been closely watched as a test-case of the Chinese government's willingness to let firms go under as economic growth slows, putting further strain on heavy industries already struggling with chronic overcapacity. Rongsheng's shipyards in eastern Jiangsu province are major employers for the local economy, writes the FT's Tom Mitchell in Beijing.
这家民营公司一直受到密切关注，它是检验中国政府是否愿意允许企业破产的一块试金石。中国经济增长放缓，让原本就在长期产能过剩下艰难挣扎的重工业承受更大压力。熔盛重工设在江苏省的造船厂是当地最大的用人单位。
In a filing to the Hong Kong stock exchange on Wednesday night, Rongsheng said it would sell convertible warrants to Wang Ping, a private equity investor, and change its name to China Huarong Energy Co.
熔盛重工在周三晚提交给港交所的一份文件中称，其将向私人股本投资者王平出售可转换认股权证，并更名为中国华荣能源(China Huarong Energy Co.)。
The company, originally founded by billionaire Zhang Zhirong, is hoping to restore its fortunes by investing in energy assets pending a possible government-directed reorganisation of its loss-making shipyards.
熔盛重工当初由亿万富豪张志熔创立，从此希望通过投资能源资产，重现往日辉煌。对于其亏损的造船厂，熔盛重工正在等待一项可能由政府主导的重组。
In August, the company announced that it would buy a majority stake in a Central Asian oilfield and is exploring additional investments in the region.
今年8月，熔盛重工宣布，将收购中亚一处油田的多数股权，并可能在该地区增加投资。
Rongsheng reported a net loss of more than Rmb3bn in the first half of this year and is in violation of repayment covenants on debt totalling more than Rmb8.5bn. But the company's local bank creditors have given it a grace period.
今年上半年，熔盛重工净亏损超过30亿元人民币，目前已对总共逾85亿元人民币的还款合同违约。但当地的银行债权人已给了一段宽限期。