Asia Unhedged | Shenzhen-listed ZTE shares jump 10% in trading Thursday
Photo: REUTERS
Photo: REUTERS
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Shenzhen-listed ZTE shares jump 10% in trading Thursday

The stock plays catch up to H-shares, which have surged nearly 16% in recent trading

March 17, 2017 4:08 AM (UTC+8)

Shares of Chinese phone maker ZTE resumed trading in Shenzhen on Thursday, surging 10% after a nine-day hiatus, reports Reuters. The company’s Hong Kong-listed shares have jumped almost 16% since ZTE announced the settlement of a US sanctions case, for which the firm will pay US$900 million in fines. Shares listed on the mainland were suspended in anticipation of the announcement. As Barron’s reported this week, UBS upgraded the firm’s shares to HK$16.80, with the stock trading 10.2 times UBS’ 2017 earnings estimate. That compares to historic range of 13-23 times for the past ten years.

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