ZTE raises $350m to boost working capital

ZTE, the Chinese telecommunications equipment maker, sold new shares worth HK$2.62bn ($350m) on Wednesday night in a placement worth 20% of its outstanding Hong Kong stock.

  • 14 Jan 2010

ZTE said the proceeds would be used for general working capital, without giving any further details. Goldman Sachs and Deutsche Bank were joint bookrunners.

The company offered 58.3m new H shares at a price of HK$45 a share, a discount of 13% to its closing price on Wednesday of ...

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