Home 禄 Business 禄 Manufacturing
Zoomlion jumps after paper鈥檚 apology
Print Edition
Shares in Zoomlion Heavy Industry Science and Technology Co jumped yesterday after a newspaper admitted it had failed to verify reports that questioned the finances of the leading Chinese construction machinery maker.
The Guangzhou-based New Express Daily apologized for publishing the stories after a China Central Television program aired on Sunday showed Chen Yongzhou, the paper’s reporter, confessing to accepting payments in exchange for writing fabricated reports about Zoomlion.
Zoomlion jumped 4.8 percent in Hong Kong trading yesterday. That trimmed the loss this year to 38 percent. Zoomlion’s A shares in Shenzhen rose 6.2 percent yesterday.
The newspaper said on Sunday after the CCTV program was aired that it failed to carefully review Chen’s stories before publishing them. “The incidence has seriously damaged the credibility of the press,” the New Express said.
The Changsha-based company has been the subject of media reports this year that accused it of falsifying sales, which caused its shares to tumble. The company has denied the allegations.
Zoomlion shares suffered a fresh downturn last week after news of Chen’s detention became public which sparked concerns of press freedom and that he might have been set up because Zoomlion is partly owned by the Hunan provincial government and is a main tax revenue contributor to the province.
The New Express also made two front-page appeals for Chen’s release last week.
The drama then took a U-turn after the CCTV report showed Chen admitted he took money to write the incorrect reports
It’s not clear who paid the money but some reports have pointed to Sany Heavy Industry Co, Zoomlion’s local rival.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
