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ZTE approved to issue RMB 6 bln bonds

May. 14, 2012 (China Knowledge) - ZTE Corp<000063><0763>, the second-largest telecom equipment manufacturer in China, announced that it has received approved from the China Securities Regulatory Commission to issue RMB 6 billion of corporate bonds.

The company said earlier that the bonds will have a maturity of up to five years.

ZTE earlier reported a net profit of RMB 151 million for the first quarter of this year, 18.53% more than in the same period of last year. The company's operating revenue rose 24.28% year on year to RMB 18.61 billion in the period.

In 2011, the company saw a 36.61% plunge in net profit, which stood at RMB 2.06 billion, although its operating revenue jumped 23.39% from the previous year to RMB 86.25 billion.

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