SHENZHEN, China, July 31 /Xinhua-PRNewswire-FirstCall/ -- China GrenTech Corporation Limited ("China GrenTech" or the "Company") (Nasdaq: GRRF), a leading China-based wireless coverage products and services provider and radio frequency, or RF, technology developer, announced after the close of trading in New York on July 30, 2007 that the secondary offering by two of its pre-IPO private equity investors of a total of 3,296,114 American Depositary Shares ("ADSs") was priced at US$9.65 per ADS. The US$31.8 million offering represents a sale of approximately 13.18% of the Company's outstanding ordinary shares. China GrenTech will not receive any of the proceeds from the sale of the ADSs by the selling shareholders, Actis China Investment Holdings No. 1 Limited and Standard Chartered Private Equity Limited.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of the securities is made only by means of a prospectus, copies of which, when available, may be obtained from Bear, Stearns & Co. Inc., the sole bookrunner of the offering, at 383 Madison Avenue, New York, New York 10179, Attention: Prospectus Department.
About China GrenTech
China GrenTech is a leading RF technology developer and a leading provider of wireless coverage products and services to telecommunication operators in China. The Company uses RF technology to design and manufacture wireless coverage products, which enable telecommunication operators to expand the reach of their wireless communication networks to indoor and outdoor areas, such as buildings, highways, railways, tunnels and remote regions. China GrenTech derives most of its revenues from wireless coverage products and services.
Based on its in-house RF technology platform, the Company also develops and produces base station RF parts and components for base station equipment manufacturers. China GrenTech is a qualified supplier of RF parts and components to major base station equipment manufacturers such as Huawei Technologies Co., Ltd., ZTE Corporation and Datang Mobile Communications Equipment Co., Ltd.
For more information, please contact:
Investor Contact:
Dora Li
IR Director
China GrenTech Corp Ltd.
Tel: +86-755-8350-1796
Email: lidongmei@powercn.com
Investor Relations (HK):
Ruby Yim
Taylor Rafferty
Tel: +852-3196-3712
Email: GrenTech@Taylor-rafferty.com
Investor Relations (US):
Delia Cannan
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-rafferty.com
Media Contact:
John Dooley
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-rafferty.com
