Zoomlion has denied allegations that it falsely inflated sales by recognising prospective and even fictitious revenues during the first three quarters of last year, saying the claims were “false, groundless and misleading”.
The company, one of China’s biggest construction machinery makers, had asked for its shares to be suspended at the start of trading on Tuesday after the allegations, made by an anonymous investor, were reported in Ming Pao Daily, a Chinese news outlet.
A letter sent to the Hong Kong market regulator, and seen by the FT, purportedly from “a concerned international investor”, accused Zoomlion of “suspected fraud” and “disclosure of false information”.
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