BEIJING: Hong Kong's ZTE has agreed to sell its 81 percent stake in Changfei Investment to Guangdong All Access and CCBI (Shenzhen). The disposal will generate between CNY 450 million and CNY 850 million financial gain for ZTE, increasing the company's working capital for business development. ZTE (Hong Kong), a subsidiary of the company, has agreed to subscribe to shares and convertible bonds in China All Access to enhance the collaboration between the companies in telecommunications and enterprise networks. Under the agreement with China All Access and CCBI (Shenzhen), CCBI (Shenzhen) will acquire a 30 percent interest in Changfei Investment from ZTE, and the company will sell a 51 percent interest in Changfei Investment to Guangdong All Access. Simultaneously, ZTE (HK) will subscribe to 112 million shares in China All Access, in addition to HKD 201.5 million of convertible bonds as part of its agreement with China All Access. The agreements will enhance ZTE's cooperation with China All Access on enterprise networks and TD-LTE. The cooperation between the companies will help increase transparency and generate synergies in TD-LTE and enterprise networks operations. Changfei Investment is a subsidiary of ZTE, with operations in electronics and telecommunications components distribution, management consulting and investments. CCBI (Shenzhen) is a subsidiary of China Construction Bank. Guangdong All Access is a wholly-owned indirect holdings of China All Access. China All Access is an integrated information communication application service provider, with customers including government departments and business enterprises.
