REUTERS/Sergio Perez
- 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.
- ZTE 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 Hong Kong-listed shares of ZTE slid as much as 41 percent to HK$ 14.98, their lowest in a year, following a two-month trading suspension.
- Its Shenzhen shares fell by their 10 percent limit to 28.18 yuan after it confirmed details of the agreement publicized by the U.S. government on Monday.
HONG 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.See the rest of the story at Business Insider
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