Zoomlion's HK shares surge after newspaper apologises for article

Sunday, 27 Oct 2013 | 9:47 PM ET

HONG KONG, Oct 28 (Reuters) - Shares of Zoomlion Heavy Industry Science and Technology Co. Ltd. rose more than 9 percent on Monday after a newspaper said it had not thoroughly fact-checked a disparaging report on the Chinese state-owned construction equipment maker.

The apology from Guangzhou-based newspaper New Express came after its detained reporter confessed to accepting payment in exchange for disparaging Zoomlion.

The Hong Kong-listed shares of Zoomlion opened up more than 9 percent at HK$7.31, outpacing a 0.4 percent gain in the benchmark Hang Seng Index.

(Reporting by Donny Kwok and Anne Marie Roantree; Editing by Edwina Gibbs)