Hong Kong regulators are reportedly investigating allegations of fraud against Zoomlion Heavy, China’s second-largest construction machinery maker

Probe into Zoomlion 
Thursday, July 11, 2013
Hong Kong regulators are reportedly investigating allegations of fraud against Zoomlion Heavy Industry Science and Technology (1157). Guangzhou-based Southern Metropolis Daily and Yangcheng Evening News received two documents showing Hong Kong Exchanges and Clearing (0388) and the Securities and Futures Commission accepted complaints against the Changsha-based machinery maker on June 7. They allege the firm is involved in manipulating profit and misleading investors by making false statements. The anonymous complaints also noted similar allegations against Zoomlion were presented to the China Securities Regulatory Commission on Tuesday.Both the HKEx and SFC declined to comment on the issue. Zoomlion shares fell 1.78 percent yesterday to HK$4.98. Since allegations first surfaced in January, the stock has declined 57 percent. NATALIE NGAN

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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