Cheah cuts stake in ZTE to 4.98%

Published: 18 Oct 2009 17:59:32 PST

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Oct. 19, 2009 (China Knowledge) - Cheah Co Ltd, which is controlled by Cheah Cheng Hye, the co-founder of Value Partners, reduced its H-share holding in ZTE Corp<000063><0763> to 4.98% from the previous 5.08%, sources reported.

According to statistic released by the Hong Kong Stock Exchange, Cheah sold 289,200 shares of ZTE for HK$12.95 million on Oct. 12. The average price of the share transaction was approximately HK$44.79 apiece.

ZTE's controlling shareholder Shenzhen Zhongxingxin Telecommunications Equipment Co Ltd had bought 7.65 million of its A shares as of Oct. 9, 2009, accounting for about 0.42% of ZTE's total share capital, China Knowledge reported earlier.

Shares of ZTE, the largest listed telecommunications equipment and network solutions provider in China, fell 1.69% to close at HK$46.5 on Friday.