China GrenTech lands orders from domestic equipment manufacturer
China GrenTech Corp. Ltd. (Nasdaq: GRRF) reported this morning that it secured orders from a well-known large domestic base station equipment manufacturer for RF modules.
The small cap, which manufactures and sells wireless coverage products and services to telecommunication operators in China, said it obtained shares of the overall allocation including GSM, CDMA and WCDMA filters, and secured about a 60% share of GSM filters. GrenTech’s wireless coverage products support various transmission protocols, including CDMA, GSM, PHS and digital trunk communications.
“Developing a base station RF business is an important stage in the company's strategic development,” GrenTech’s Chairman and Chief Executive Officer Yingjie Gao commented in a press release. “As more global base station equipment manufacturers start to secure base station RF parts and components in China, and leading domestic base station equipment manufacturers expand their businesses, the landscape for base station RF parts and components in China demonstrates increasing promise.”
The orders, which are valued at over RMB100 million, are expected to be delivered by the end of the year.
Shares of China GrenTech (GRRF) gained 8.98%, or $0.83, to $10.07 at 11:45 a.m. ET. Shares of China GrenTech have been trading in the range of $6.89 to $19.81 for the past 52 weeks.
