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Investors wipe $3 billion off China's ZTE as U.S. settlement sinks in

Reuters  |  HONG KONG 

By Anne Marie Roantree and Sijia JiangHONG KONG (Reuters) - Investors wiped about $3 billion off embattled Chinese telecommunications giant ZTE Corp's market value as it resumed trade on Wednesday after agreeing to pay up to $1.4 billion in penalties to the U.S. government.China's No. 2 telecommunications equipment maker was crippled when the United States imposed a seven-year supplier ban on the company in April after it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.The ban, which has prevented ZTE from buying the U.S. components it ...

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First Published: Wed, June 13 2018. 15:49 IST