ZTE taps Chinese banks for US$11bn lifeline

摘要

Telecoms equipment group zte is applying for credit lines totalling US$10.7bn-equivalent from two state-owned banks. ZTE is seeking US$6bn from China Development Bank and a Rmb30bn (US$4.7bn) credit line from Bank of China. The two lenders will determine the final amounts of the two facilities. The move follows a plunge in the company's shares by around 49% in Hong Kong and 27% in Shenzhen last week in the first three trading sessions since the stock was suspended on April 17.