ZTE eyes emerging overseas markets

Chinese A share telecoms equipment provider ZTE Corp played down expectations for China's 3G equipment market and said it expected emerging overseas markets to be its biggest growth area. At a presentation in Hong Kong ahead of a listing on the Hong Kong exchange, ZTE executives said they expected overseas earnings would be the company's key earnings driver and that their revenue contribution would rise in the next few years from 13% now to more than 30%. ZTE is scheduled to list 160m H shares on December 9, raising up to US$448m which it has said it will invest in funding overseas expansion.