Zoomlion Heavy Industry Science & Technology Co., China’s second-largest maker of construction equipment, fell to a 20-month low in Hong Kong trading after denying for a second time allegations it falsified sales.
Zoomlion Heavy Industry Science and Technology Co., China’s second-largest construction equipment maker, halted stock trading and saw its bonds decline after a report on Sina.com accused it of falsifying sales.
Hong Kong’s Octopus Holdings Ltd., provider of electronic-payment services, said yesterday that its card users were affected by 780,000 transaction errors over the past four years, the Ming Pao newspaper reported, citing Chief Executive Officer Cheung Yiu-tong.
Even by the wacky standards of Chinese accounting scandals, this week’s events at China’s second-biggest maker of construction equipment, Zoomlion Heavy Industry Science & Technology Co., were awfully strange.
Zoomlion Heavy Industry Science and Technology Co., China’s second-biggest construction equipment maker, posted profit that missed analyst estimates as government measures to cool the property market damped demand while finance costs and provision for bad debts increased.
Sotheby’s Hong Kong spring auction sales fell 30 percent to HK$2.46 billion ($317 million) from a year earlier because there were fewer mainland Chinese buyers, Ming Pao Daily reported today, citing Kevin Ching, chief executive officer of Sotheby’s Asia.