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ZTE Expands Gains to 5%+ After Midday on Plans to Spend Max. RMB1.2B to Repurchase A-shrs
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ZTE (00763.HK) is said to pay over US$1 billion to settle overseas bribery allegations in the US, denting its share price by 13% yesterday (11th). ZTE stated yesterday that it was aware of recent media reports regarding the Company's involvement in a compliance investigation under the US Foreign Corrupt Practices Act (FCPA). The Company is communicating with the US Department of Justice on the matter, and will resolutely defend its rights through legal and other means. ZTE announced at noon today that it plans to repurchase its A-shares by way of centralized price bidding using internal funds, which A shares will be allotted for the implementation of the Company's employee share ownership schemes or share incentives. The total amount of the Repurchase shall be not less than RMB1 billion and not more than RMB1.2 billion. Based on the maximum repurchase amount of RMB1.2 billion and the cap of the A share repurchase price of RMB63.09 per share, the number of shares to be taken up by the Company under the Repurchase is estimated at approx. 19.0204 million shares, accounting for approx. 0.4% of the current total share capital of the Company. ZTE closed up 2.1% at midday, and extended its gains after the afternoon session opened. It last printed at $28.92, advancing 5.16%, reclaiming the 250-day MA. Trading volume was 34.4518 million shares, involving $959 million. ZTE (000063.SZ)'s A-shares last jumped up 1.8% to RMB38.5. AAStocks Financial News Website: www.aastocks.com |
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