China GrenTech Announces Receipt of "Going Private" Proposal at $3.10 Per ADS

China GrenTech Corporation Limited

today announced that its Board of Directors has received a proposal letter dated November 12, 2011 from its Chairman and Chief Executive Officer, Mr. Yingjie Gao, to acquire all of the outstanding shares of GrenTech not currently owned by Mr. Gao, certain members of the management and their affiliates in a going private transaction for $3.10 per American Depositary share each ADS representing 25 ordinary shares of the Company) in cash, subject to certain conditions. Mr. Gao and his affiliates currently own approximately 32.39% of GrenTech's ordinary shares. According to the proposal letter, the acquisition is intended to be financed primarily through debt financing. The proposal letter states that Mr. Gao is in discussions with Guotai Junan Finance (Hong Kong) Limited about financing the proposed transaction and has received a "highly confident" letter from Guotai Junan. A copy of the text of the proposal letter is set forth below as Exhibit A.