Chinese vendor sets up ZTEFC to 'enhance efficiency of fund application process'
July 25, 2011
SHENZHEN, China -- ZTE Corporation (ZTE) (H share stock code: 0763.HK / A share stock code: 000063.SZ), a publicly listed global provider of telecommunications equipment and network solutions, today announced that it has established a group finance company, ZTE Group Finance Co. Ltd. (ZTEFC), representing a new chapter in the company’s strategic collaboration with the banking system.
Approved by the Chinese Banking Regulatory Commission, the new establishment has a registered capital fund of RMB 1 billion and is based in Shenzhen, China. It is a non-bank financial institution 100% backed by ZTE Corporation.
Mr. Wei Zaisheng, Executive Vice President and Chief Financial Officer of ZTE, will serve as the Chairman of the new establishment.
ZTE Corp. (Shenzhen: 000063; Hong Kong: 0763)
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