ZTE (HKG:0763, SHE:000063) plans to repurchase between 1 billion yuan and 1.2 billion yuan of its China-listed shares to support employee incentive and share ownership schemes, according to a Friday Hong Kong bourse filing.
The repurchase price will not exceed 63.09 yuan per share. Based on that cap, ZTE expects to buy roughly 15.9 million to 19 million shares, representing about 0.3% to 0.4% of its total share capital, the filing said.
The program will run for up to 12 months and will be funded with internal resources, the telecom equipment company said.
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