07/04/2010 By http://news.alibaba.com ( Source: http://news.alibaba.com )

Datang Telecom to raise up to RMB 474 mln for 3G business

Datang Telecom Technology Co Ltd, a leading communications technology provider in China, announced today that it plans to raise up to RMB 474 million via a private placement to expand into the booming 3G market in China.

Datang Telecom said in a statement filed with the Shanghai Stock Exchange that will issue 31 million shares to up to ten specific investors at a price of at least RMB 16.49 per share.

The proceeds from the placement will be used mainly for a 3G smart card business, an EMV bank card project and a TD-SCDMA terminal project.

Datang Telecom's net profit for last year rose 25.91% year on year to RMB 57.47 million.