One of China's major telecommunications equipment makers, ZTE, says its shareholders have approved a proposed share offering in Hong Kong.

The Shenzhen-based firm plans to complete the Hong Kong offering in the first half of 2005.

The size of the telecom giant's offering will be no more than 20 percent of the current number of the company's shares outstanding.

ZTE, which already has A shares listed in Shenzhen, says it plans to use 60 percent of the offering's proceeds to fund overseas expansion, and the remainder for researching and developing new products and technologies.

(CRI July 1, 2004)