China ZTE Says 9 Directors, Managers Increase Stake In Co

SHANGHAI (Dow Jones)--Chinese telecommunications equipment maker ZTE Corp. (Q.ZTX) said Friday that nine of its directors and senior managers have increased their stake in the company. According to an announcement published in the China Securities Journal, together the directors and managers bought 110,850 shares, bringing their total shares to 536,070, or 0.

02% of the company s total shares. There were no details on when they bought the shares or how much they paid. ZTE s A shares were up 2.1% at 17.81 yuan ($1=CNY8.28) by the noon break on the news. The company s A shares have fallen sharply in the past few weeks after company said it plans to issue H shares in Hong Kong, a move which is expected to dilute the A share s earnings per share and therefore weigh on its price.

The move by ZTE officials to increase their holdings shows they are confident about the company s prospects, traders said.