ZTE Corporation (00763) said the Bureau of Industry and Security of the United States Department of Commerce has issued an order that the suspension of a denial order for seven years that would restrict and prohibit, among other things, ZTE and its wholly-owned subsidiary ZTE Kangxun Telecommunications Ltd. from applying for or using any licenses or license exceptions, and purchasing or selling any commodity, software, or technology that is subject to the U.S. Export Administration Regulations, was activated with effect from 15 April 2018 until 13 March 2025.
ZTE added it will make active communications and seek legal channels to a solution.
Trading in H shares of ZTE will remain suspended pending the further release of an inside information announcement regarding updates to relative actions to be taken.
20/04/2018 11:51
ZTE (00763) to seek legal channels to solution on penalty
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