(Yicai Global) July 2 -- Fifty large sales transactions involving ZTE’s stock were executed yesterday, with CNY1.63 billion (USD230.7 million) worth soldby the brokerage its parent company has used previously to offload shares of ZTE, which was branded anational security threat by the US government earlier this week.

The Shenzhen-listed company, one of China’s top telecom equipment makers, has yet to shed light on the transactions, but its controlling shareholder ZTC Holdings was very likely the seller, the Securities Times reported today, adding that ZTC has dumped about CNY4.3 billion (USD608.6 million) worth of stock already this year.

The transactions were made by Guotai Junan Securities’ branch at Huaqiang North Road in Shenzhen, the report said. The shares were sold for CNY36.92 (USD5.23) each, according to stock exchange data. ZTE’s share price [SHE:000063] gained 1.9 percent today to CNY40.50.

On June 30, the US telecoms regulator further tightened the noose on certain Chinese companies. It designated Shenzhen-based ZTE and compatriot Huawei Technologies as national security threats, banning US firms from using a universal service fund to buy and maintain any of their products and services.

ZTC also sold CNY788 million worth of ZTE stock on June 23. It offered more than 20 million shares via block trade at an average price of CNY39.40 apiece to optimize assets and operation, the firm said that day. It brought ZTC's shareholding down to 23.4 percent from 28.4 percent in May 2019.

ZTC founded ZTE in 1997 and now operates mainly as an investment holding group with interests in telecoms, financial investment, machinery and electronics, new energy and new materials as well as environmental protection, according to corporate data platform Tianyancha.

Editor: Kim Taylor