October 17, 2018
Latest News

Share in Chinese telecomms giant ZTE close down 41 percent

 A view of the ZTE Corporation logo at the company's headquarters in Shenzhen, Guangdong Province, China, May 14, 2018. EPA-EFE/FILE/STRINGER

A view of the ZTE Corporation logo at the company's headquarters in Shenzhen, Guangdong Province, China, May 14, 2018. EPA-EFE/FILE/STRINGER

Beijing, Jun 13 (efe-epa).- Shares in the Chinese telecommunications giant ZTE closed the down 41.56 percent after the firm resumed trading on the Hong Kong Stock Exchange on Wednesday following a two-month suspension.

The company's shares on the Hong Kong Stock Exchange ended the day at HK$14.96 ($1.9), HK$10.64 less than on Apr.17, when their trading was suspended because of ZTE's dispute with Washington.

In trading on the stock exchange in the Chinese city of Shenzhen, where the company is headquartered, ZTE dropped 10 percent, the maximum allowed on exchanges in mainland China.

In April, the US Commerce Department imposed sanctions on ZTE, banning US companies from selling components to it, arguing that it had engaged in illegal trade with North Korea and Iran.

Last week, the company closed a deal with the US to lift the sanctions in exchange for a $1 billion fine and a promise to replace its management and board.

Analysts had predicted that a resumption of trading in ZTE shares would be accompanied by huge falls.

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