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Zoomlion's stocks recover as reporter admits wrongdoings

Zoomlion Heavy Industry Science and Technology (1157.HKG, 000157.SHE) saw an uptick in its share price yesterday after a reporter admitted to writing unverified reports about the company, South China Morning Post reported. Chen Yongzhou, the reporter with Guangzhou’s News Express, confessed that he accepted bribes to write false articles critical of Zoomlion. Despite the stock’s recovery, some analysts still expressed concern about the machinery maker, pointing to the large amount of money in unpaid bills its customers owed the company. Zoomlion’s Hong Kong share price rose 9.6% to an intraday high of US$0.947 yesterday before closing at US$0.905, up 4.8% from Friday.

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