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ZTE To Raise CNY 11.5 Billion In Share Issue To Fund 5G Development

ZTE announced plans to raise CNY 11.5 billion (EUR 1.5 billion) in a share offering to help fund 5G research and development and working capital. The company plans to issue the shares to institutional investors.

The private placement will include 381.1 million shares, priced at CNY 30.21 per share. The price is 90 percent of the average trading price over the past 20 days. The issue is equal to around 9 percent of the company’s current outstanding capital.

The investors buying the shares will be subject to a 12-month lock-up period. ZTE already has approval from shareholders to proceed with the offering.―Telecompaper

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