中兴通讯近日初步确定发行方案:发行1.60亿H股,发行价格区间17.50-22.00港元,相当于A股11月19日前30个交易日算术平均股价的71.9%-90.4%。方案已提交联交所申请,尚未获得批准。以11月22日收盘价28.29元计算,A股比H股发行价溢价率20.38-51.04%,在合理区间内。出于对05年业绩可能出现阶段性调整预期以及H股发行前后诸多的不确定因素,维持“中性”评级。 ZTE recently decided to issue the program: the issue of 160 million H shares, the issue price range 17.50-22.00 Hong Kong dollars, equivalent to A shares of November 30 trading days before the arithmetic mean share price of 71.9% -90.4%. The program has been submitted to the Stock Exchange for application and has not yet been approved. To November 28 closing price of 28.29 yuan calculation, A shares issue price H shares premium rate 20.38-51.04%, within a reasonable range. Maintain the “Neutral” rating for possible uncertainties arising from the phased adjustments to the 2005 results and the many uncertainties surrounding the issuance of H shares.