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BUSINESS & TECH

ZTE Shares Surge With End in Sight to U.S. Sanctions

ZTE Corp. establishes a presence at the 2018 Mobile World Congress in Shanghai on June 28. Photo: VCG
ZTE Corp. establishes a presence at the 2018 Mobile World Congress in Shanghai on June 28. Photo: VCG

Shares of embattled telecom equipment maker ZTE Corp. rallied sharply on Thursday after the company passed another major milestone in its bid for relief from U.S. sanctions that it previously called a threat to its existence.

At the same time, the company’s shares got another vote of confidence from a U.S. hedge fund that purchased 5.7% of its Hong Kong-listed stock, according to a new stock exchange filing.

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