ZTE to target high-end markets abroad

Chinese vendor ZTE plans to "aggressively" target high-end international markets this year.

The Hong Kong-listed company said  yesterday it earned 78.6 million yuan ($11.5 million) in Q1, up 21% from the same period last year, on 35% higher revenue of 11.67 billion yuan.

ZTE said it was "aggressively expanding to target markets in Europe and the US by setting up an independent business unit targeting high-end telecom markets."

Carrier equipment revenue grew 46.9% while device sales rose 22.2%.

It said it had deployed W-CDMA networks in more than half of China\'s tier-one cities and this month had launched 40 new types of 3G terminals in China.

ZTE has 8.58 billion yuan in cash and equivalents, up 44% from a year ago. Whereas rival Huawei is growing its business by making loans to finance sales, ZTE\'s borrowings are to provide working capital.