China’s largest publicly listed telecoms equipment manufacturer released its financial report for last year on March 28 and the news was grim. ZTE posted a net loss of 2.84 billion yuan, making 2012 the first year it did not make a profit since it listed in Shenzhen in 1997.
Company chairman Hou Weigui blamed an overly aggressive strategy aimed at expanding markets overseas. He implied corporate governance and management were major factors.
Several telecoms industry analysts said that some of ZTE’s orders from abroad made little money and some made none at all. They said the company’s governance could not support the rapid development ZTE sought.
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Qin Min via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/qyBRN4T2Ydk/
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