Stocks News
- ZTE shareholder sells 2.3 percent stake
Date: 7-Sep-2007 Sources: (Shenzhen Daily)
ZTE Corp., China's second-largest telecom equipment maker, said its controlling shareholder Shenzhen Zhongxingxin Telecommunications Equipment Co. had sold just under 22 million of its A shares, representing about 2.3 percent of the shares in issue.
The Shenzhen-based company said late Wednesday the controlling shareholder sold the shares on the Shenzhen Stock Exchange on Tuesday, reducing its stake in ZTE to 35.12 percent. It gave no further details. The share sale could be worth 1.295 billion yuan (US$171.5 million) based on ZTE's Tuesday closing price of 59 yuan per share on the Shenzhen Stock Exchange.
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