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BUSINESS & TECH

Update: ZTE Assesses Impact of Newly Imposed U.S. Sanctions

Visitors pass in front of ZTE’s booth at the Mobile World Congress in Barcelona, Spain, on Feb. 26. Photo: VCG
Visitors pass in front of ZTE’s booth at the Mobile World Congress in Barcelona, Spain, on Feb. 26. Photo: VCG

Telecoms equipment maker ZTE Corp. on Tuesday said it is assessing the implications of a ban that prohibits it from buying components from its U.S. suppliers for seven years as punishment for selling its products to Iranian and North Korean firms.

It issued the statement as its Hong Kong-listed shares were suspended the same day “pending the release of an inside information announcement in respect of the activation of denial order by the Bureau of Industry and Security of the United States Department of Commerce,” the company said in a separate statement to the Hong Kong stock exchange. The company’s Shenzhen-listed shares were also suspended.

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