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China’s ZTE Plunges 38 Percent in Resumed Trade After $1.4 Billion US Settlement

Jun 13, 2018

ZTE, a Chinese telecommunication equipment makers company, was set to lose 38 per cent of its Hon Kong shares after it agreed to pay the penalties to the US.

Reuters

Updated:June 13, 2018, 8:39 AM IST

National Flags of United States of America (left) and People’s Republic of China (right). (Representative image/ Reuters)
Hong Kong: The Hong Kong-listed shares of China’s ZTE Corp were set to slide 38 percent on Wednesday following a two-month trading suspension after it agreed to pay up to $1.4 billion in penalties to the US government.

China’s number two telecommunications equipment maker was crippled when the United States imposed a seven-year supplier ban on the company in April for breaking a 2017 agreement reached after it was caught illegally trading with Iran and North Korea.

Shares of ZTE were set to open at HK$16, their lowest level in a year, after it confirmed details of an agreement publicised by the US government on Monday.

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Source: News18

Published in Business