Shares of China's ZTE set to rise over 30 percent in resumed trade

Visitors check out products at the ZTE stand at the Mobile World Congress in Barcelona, February 24, 2014.

/Albert Gea

Shares of Chinese telecommunications equipment maker ZTE Corp were set to surge more than 30 percent in early Tuesday trade after the board approved an A-share buyback plan estimated at no more than 1 billion yuan ($161 million). Shenzhen-based ZTE posted a 42 percent rise in quarterly net profit in April as strong global demand for 4G infrastructure boosted sales. (Reporting By Yimou Lee; Editing by Anne Marie Roantree)