China's Huawei says no listing plans for next 2 yrs - report

BEIJING (AFX) - Huawei Technologies, the mainland's largest telecommunications equipment maker, has no plans to seek a listing over the next two years as it has no urgent need for funds, The Standard reported, citing Huawei vice president Wang Liangwen.

The Hong Kong newspaper said Huawei is frequently rumored to be planning to sell shares overseas to fund expansion, particularly in the third-generation mobile-phone business.

Huawei could raise up to 1.5 bln usd in an initial public offering on the back of its strong growth and high penetration in the international telecom market, the paper said, citing market watchers.

Wang said Huawei will seek acquisitions overseas to compete with rivals such as Nokia, Motorola, Alcatel and NEC. He did not identify any potential targets.

(1 usd = 8.1 yuan)

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