China's ZTE wants to raise $1.7 billion to boost 5G development
China's ZTE wants to raise .7 billion to boost 5G development
One of China's largest producers of telecom equipment, ZTE, has announced plans to raise around $1.7 billion from a private share placement to fund research and development of 5G networks.
The company will issue 381 million A-shares denominated in the Chinese yuan and traded on the Shanghai and Shenzhen stock exchanges. It will sell them to 10 independent professional or institutional investors in China at 30.21 yuan ($4.40) per share.
The price is a little lower than the average trading price over the last three weeks. As of Thursday, ZTE stock was trading at 37.41 yuan per share in Shenzhen.
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