ZTE Says China Mobile 4G Handset Order Report Is Inaccurate
ZTE Corp. (763), China’s second-largest maker of phone equipment, denied media reports that it won part of an order from China Mobile Communications Corp. for handsets after its shares rose the most in more than a month.
The company won part of China Mobile’s first tender for fourth-generation handsets, valued at several billion yuan, along with Huawei Technologies Co. and China Wireless Technologies Ltd. (2369), the Apple Daily reported today, citing affiliate Sharp Daily.
“The report is not accurate,” Rena Qin, a spokeswoman for Shenzhen-based ZTE, said by phone today. She declined to comment further, referring queries to China Mobile. Zhang Xuan, a Beijing-based spokesman for the carrier, said in an e-mail additional information wasn’t immediately available.
ZTE rose 6.3 percent, the most since Aug. 7, to close at HK$10.42 in Hong Kong. Prior to the company’s denial, the shares had risen as much as 7.1 percent. They have dropped 57 percent this year, compared with a 7.6 percent gain in the city’s benchmark Hang Seng Index.
ZTE began selling its first 4G handset, the Grand X LTE (T82), last month through the carrier’s Hong Kong-listed unit, China Mobile Ltd. (941)
ZTE has said it plans to double smartphone sales this year.
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