ZTE IPO oversubscribed on HKSE.(Hong Kong Exchange)(Zhongxing Telecom Equipment Corp Initial public offerings)(Brief Article)

Asia Pacific Telecom, January, 2005

The Chinese company ZTE debuted with its IPO on the Hong Kong Exchange with its share price closing 11 percent above the IPO price on the first day of trading.

The closing price was approximately $3, which was the highest for the day, and the trading in company's shares accounted for 10 percent of the total turnover for the day. ZTE's IPO oversubscribed 253 times and because of the heavy demand by retail investors, the number of shares allocated to them was increased to 70.53 million.

This amounted to nearly 50 percent of the shares on offer. ZTE is the first Chinese company to have first listed in China and then on the Hong Kong stock exchange.