You are here: Home » Reuters » News
Business Standard

Investors wipe $3 billion off China's ZTE market value after U.S. settlement

Reuters  |  HONG KONG 

By Anne Marie RoantreeHONG KONG (Reuters) - Chinese telecommunications giant ZTE Corp had about $3 billion wiped off its 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 a seven-year supplier ban was imposed on the company in April for breaking a 2017 agreement reached after it was caught illegally trading with Iran and North Korea.The ban, which has prevented ZTE from buying the U.S. components it relies on to make smartphones and other devices, will ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, June 13 2018. 08:32 IST
RECOMMENDED FOR YOU