{"id":24444,"date":"2017-03-16T06:41:26","date_gmt":"2017-03-16T06:41:26","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=24444"},"modified":"2017-03-16T06:41:26","modified_gmt":"2017-03-16T06:41:26","slug":"shenzhen-listed-shares-china-zte-surge-10-percent-resumed-trade","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/shenzhen-listed-shares-china-zte-surge-10-percent-resumed-trade.html","title":{"rendered":"Shenzhen-listed shares of China\u00a0ZTE surge 10 percent in resumed trade"},"content":{"rendered":"

\n\tShenzhen-listed shares of China ZTE surge 10 percent in resumed trade<\/span><\/span><\/strong><\/span>
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\n\tShenzhen-listed shares of China ZTE surge 10 percent in resumed trade<\/span><\/span><\/span>:- Shenzhen-listed shares of Chinese telecom equipment maker ZTE Corp jumped 10 percent on Thursday, resuming trading after a nine-day halt and catching up with gains in its Hong Kong shares that were sparked by the settlement of a U.S. sanctions case.<\/span><\/span><\/span>\n<\/p>\n

\n\tZTE said earlier this month that it had agreed to pay nearly $900 million in the U.S. sanctions case and on Tuesday said its chairman had resigned "in order to improve the company's management by differentiating the role of chairman and president".<\/span><\/span><\/span>\n<\/p>\n

\n\tThe company's Shenzhen-listed shares were suspended on March 7, pending the announcement on the U.S. fine. Its Hong Kong-listed shares continued to trade and have jumped nearly 16 percent over that period.<\/span><\/span><\/span>\n<\/p>\n

\n\tA five-year investigation found ZTE conspired to evade U.S. embargoes by buying U.S. components, incorporating them into ZTE equipment and illegally shipping them to Iran.<\/span><\/span><\/span>\n<\/p>\n

\n\tIn addition, it was charged in connection with 283 shipments of telecommunications equipment to North Korea.<\/span><\/span><\/span>\n<\/p>\n

\n\tOn Tuesday, it named Yin Yimin as its new chairman.<\/span><\/span><\/span>\n<\/p>\n

\n\tIts Shenzhen-listed shares surged 10 percent, the maximum allowed daily limit, on Thursday to 16.81 yuan, their highest level in three months.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe Hong Kong-listed shares were flat, lagging a 1.3 percent gain for the benchmark Hang Seng Index.<\/span><\/span><\/span>\n<\/p>\n

\n\tZTE relies on U.S. suppliers for 25 percent to 30 percent of its components, many of which are key to its goods.<\/span><\/span><\/span>\n<\/p>\n

\n\tAs part of the U.S. agreement, the Commerce Department will recommend ZTE be removed from a list of entities that U.S. firms cannot supply without a license if it lives up to its deal and a court approves its agreement with the Justice Department.<\/span><\/span><\/span>\n<\/p>\n

\n\tSource:- http:\/\/www.reuters.com\/article\/us-zte-stocks-shenzhen-idUSKBN16N0GX<\/span><\/span><\/span><\/p>\n

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