ZTE shares jump after surge in first-half earnings

ZTE Corp, China's second-largest maker of equipment for phone networks, rose the most in almost five years in Hong Kong trading Tuesday after posting a surge in first-half earnings.

The shares jumped 20 percent, the biggest gain since October 2008, to HK$13.84 ($1.78). Net income rose 23 percent to 302.3 million yuan ($49 million), the Shenzhen-based company said in a filing on Monday.

The result, which followed a loss in the second half of 2012, was also boosted by one-time items including the sale of its stake in Shenzhen ZNV Technology Co.