ZTE Corp.: Controlling Shareholder Sold 48.91 Million A-Shares

ZTE Corp. said its controlling shareholder sold 48.91 million of its Shenzhen-listed shares this month, which amount to 1.06% of the company’s total share capital.
The largest shareholder, Zhongxingxin Telecom Company, informed ZTE that it had sold the shares from April 2 to April 7, the Chinese telecom-equipment maker said late Tuesday.
ZTE didn’t disclose the reasons behind the stake disposal.
The company’s A-shares closed 1.8% higher at 41.70 yuan ($5.92) on Tuesday.