ZTE (000063. SZ) today announced that it will invest 1.5 billion yuan to set up two subsidiaries, of which, the proposed investment of 500 million yuan to establish ZTE (Heyuan) Co., Ltd., the specific operation of Heyuan production research and development training base project. 1 billion yuan set up finance company to provide financial business for group members. Two subsidiaries are owned by ZTE 100%. The announcement, ZTE (Heyuan) Co., Ltd. will mainly deal in the procurement of electronic products and accessories, production, sales, import and export trade business and warehousing services, electronic products, technical services, investment will be included in Heyuan Base project of 10 billion yuan in total investments. The company's board of Directors 12th also considered through ZTE and its domestic part of the holding subsidiaries formed ZTE Group. ZTE also intends to invest 1 billion yuan to set up financial companies to provide financial services to the group members. The project is currently in the stage of preparation for application, and it needs to be approved by China Banking Regulatory Commission. Yesterday, ZTE closed at 26.15 yuan, rising 0.97%.
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