ZTE going ahead with Hong Kong IPO

24 Nov 2004

China’s second biggest telecoms equipment vendor ZTE Corporation (ZTE) will launch an IPO in Hong Kong on 2 December 2004, with shares due to be listed on the Hong Kong stock exchange on 9 December. The company said it is issuing 160 million shares, 20% of its total stock, the value of which is estimated at around HKD3.5 billion (USD450 million).

ZTE, which posted a net profit of CNY513 million (USD62 million) for the first six months of 2004, up from CNY195 million a year earlier, has said it will use the proceeds from the IPO to develop its presence in international markets and enhance its research and development capabilities.

China, Hong Kong