ZTE Sets IPO Price at HK$22
The vendor had set a range of HK$17.5 to HK$22 for the shares that will start trading in Hong Kong on December 9 (see ZTE Unveils Hong Kong IPO).
It says it's ready to sell 141 million shares, which would raise HK$3.1 billion ($399 million), and has an over-allotment option to sell a further 19 million shares, which would raise a further HK$418 million ($53.8 million).
ZTE plans to use about 60 percent of the proceeds to fund further international expansion (see ZTE: Set for Overseas Explosion).
ZTE's share price climbed 1.16 renminbi, more than 4 percent, to close at RMB28.10 on the Shenzen stock exchange on Friday.
— Ray Le Maistre, International News Editor, Light Reading