Deutsche Bank reiterated its sell rating on China Rongsheng heavy Industry (1101.HK), looking down for HK $0.70, citing a weak operating environment. The company has continued to cut staff since early 2012 (when the number of workers reached 26000-27000). So far, only about 10, 000 workers have been left. Also concerned about its financial strength, referring to its 12-year debt ratio of 162%, overdue accounts receivable of 1.228 billion yuan (129% for 11 years and 178 million yuan), there is a risk of further write-off.