Sell Phone Business for 40 Billion Yuan? ZTE Says "Not True"

On the evening of November 3, market rumors emerged that ZTE Corporation was negotiating a phone business cooperation with a certain internet giant. The plan reportedly involves packaging ZTE's mobile phone business and forming a joint venture among ZTE, the internet company, and Shanghai state-owned capital. An employee of a related company said the internet giant is considering investing about 8 billion yuan, while ZTE hopes to advance the deal at a business valuation of about 40 billion yuan. The final valuation, equity stake, and transaction structure are still under discussion. Observer.com sought confirmation from ZTE, which said the report was "not true." (Observer.com)