ZTE gets tight discount

Market momentum propels ZTE''s Hong Kong offering to tight discount against outstanding A shares.

ZTE Corp became the first A share company to complete a secondary listing on the Hong Kong Stock Exchange on Friday December 3 raising HK$3.1 billion $398 million from a deal led by Goldman Sachs. The Chinese telecoms equipment manufacturer priced a 141 million share offering at the very top end of its HK$17.5 to HK$22 range after securing roughly $10 billion in retail demand and $7.6 billion from institutions and corporates.

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