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Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

ZTE, the 2nd largest telecommunications equipment maker in China and listed on Hong Kong Stock Exchange, will pay $1 billion in fine to resolve its trade ban in the United States.

” Hong Kong listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban “

In April 2018, a 7 years export ban was imposed on ZTE  by the United States government for supplying U.S. technologies to countries (Iran and North Korea) sanctioned by the United States.  The 7 years ban means ZTE will not be able to buy components and technology from U.S. companies such as Qualcomm and Intel, crippling its major operations.  In 2017, ZTE had paid almost $900 million in settlements after admitting to violating trade restrictions by shipping products with United States technology to countries including Iran in 2016.

On 17th April 2018, a day after the 7 years ban was imposed by the United States, ZTE suspended trading of its share on the Hong Kong Stock Exchange and froze all major operations.  Prior to ZTE’s stock suspension in Hong Kong, ZTE has a market capitalisation that exceeds $20 billion.

Source: TWI, Reuters, Bloomberg, Fortune

 

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