10.06.2013

Zoomlion execs in confidence spend

Chinese crane and equipment manufacturer Zoomlion has said that 21 of its senior executives, led by chairman Zhan Chunxin, have bought $22 million worth of the company’s shares on the stock market, using their personal funds, between May 30th and June 4th.
Please register to see all images

Zhan Chunxin

The move is intended as a show of confidence in the business, following accusations in January that it had falsified sales data. Zoomlion has always strongly denied the allegations, but its shares have fallen around 25 percent as result. Click here to see Zoomlion denies allegations

A statement on Thursday to the Shenzhen Stock Exchange added: “The share purchases reflect executives confidence in the company’s steady and stable development, as well as their belief that the company’s current share price is at odds with its long-term intrinsic value.”

This is the second time that Zoomlion’s senior executives have bought shares collectively as a show of confidence, the last time was during the global financial crisis in 2008.