(Telecompaper) ZTE announced plans to spend up to CNY 1 billion buying back its shares, following calls from the Chinese securities regulator to support the local stock market. The company will pay a maximum price of CNY 17.96, its closing price the day prior to the temporary suspension of trading in ZTE shares 09 July. The price is down from a peak of almost CNY 35 in May. Based on the latest price, this will lead to the repurchase of at least 55 million shares, or 1.6 percent of the total number of shares outstanding. The buyback, funded from internal resources, will start once ZTE receives approval from the general meeting, and the authorisation will remain valid until the end of this year. ZTE said it expects its shares to start trading again 14 July.