Huawei Technologies boosts Sunday stake

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Last updated at: (Beijing Time) Thursday, March 25, 2004

Huawei Technologies boosts Sunday stake

China's top telecom equipment maker, Huawei Technologies, has paid HK$4 million to raise its stake in Hong Kong mobile carrier Sunday Communications Ltd. to 6.03 percent.

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China's top telecom equipment maker, Huawei Technologies, has paid HK$4 million to raise its stake in Hong Kong mobile carrier Sunday Communications Ltd. to 6.03 percent.

Huawei, which disclosed last month its Sunday holding had crossed the 5 percent threshold, had 5.81 percent of Sunday shares before its latest purchase, according to a filing with the Hong Kong Stock Exchange on Tuesday. Sunday is Hong Kong's smallest mobile phone operator and a customer of Huawei's.

The latest purchase of 6.5 million shares at an average of HK$0.61 per share -- a total of HK$3.97 million (US$510,000) -- brings its total holdings to 180.3 million shares, according to the filing.

Sunday shares rose 7.14 percent to HK$0.60 Tuesday, valuing Huawei's stake at about US$13.9 million. Sunday shares have doubled since the Huawei buying spree began, from HK$0.31 at the beginning of this year.

Huawei's recent interest in Sunday shares comes just three months after Sunday agreed to buy up to HK$900 million worth of Huawei equipment to build its third-generation (3G) mobile system in Hong Kong.

That deal was Huawei's first major sale of 3G equipment, and is part of a broader trend by cash-rich Chinese firms looking abroad for investment opportunities.

(SD-Agencies)

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