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ZTE shares jump after US eased supplier ban



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ZTE already sees the benefits of the US lifting its supplier ban.


Manuel Blondeau / AOP.Press / Corbis, Corbis on Getty Images

ZTE's stock rose 1

7 percent on Monday morning after being exempted from a crippling US supplier ban .

The Chinese Telecom escaped the shadow of the ban on Friday when the US Department of Commerce announced the company deposited $ 400 million on a trust account that was to be held to cover future violations.

The company's Hong Kong-listed stock opened 5.5 percent, Reuters reports, rising more than 17 percent to 16.12 Hong Kong dollars ($ 2.05) by noon. The stock was 37 percent lower than in April, when trading was suspended for two months after the ban, the news agency noted.

Shenzhen shares rose 10 percent on Monday morning.

The US The Department of Commerce issued a ban in May after the government discovered that ZTE had violated its 2017 rules by dismissing or punishing employees who illegally send US equipment to Iran and North Korea

The seven-year ban the company shut down important operations and made it unlikely to survive – until President Donald Trump tweeted that he wanted the Ministry of Commerce to work with ZTE to lift the ban [19659005] In June, the Department of Commerce reached an agreement requiring ZTE to pay fines totaling $ 1.7 billion, including a $ 1 billion fine and $ 400 million in fines. Dollar deposited deposit 9459005].


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