Caixin

Update: ZTE Shares Plunge as Trading Resumes After Costly U.S. Settlement

ZTE has halted main business operation in May after it was hit by a ban on doing business with American suppliers. Photo: VCG
ZTE has halted main business operation in May after it was hit by a ban on doing business with American suppliers. Photo: VCG

ZTE’s Hong Kong-listed shares fall 41.6% on Wednesday to close at HK$14.96, extending an opening loss of 36%

* Chinese telecom-equipment maker’s shares had been suspended since April 17, when Washington announced it would cut off ZTE from U.S. suppliers

(Beijing) — Shares of telecom-equipment maker ZTE Corp. plunged when trading resumed on Wednesday after a nearly two-month suspension, as investors fretted about the impact to the company’s business from a settlement with Washington, including a $1 billion fine, over illegal sales to Iran.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.