ZTE suspends trading on stock market following US and UK bans

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ZTE temporarily halt trading on the stock market following US and UK bans

ZTE has suspended trading in Hong Kong and Shenzhen as a result of the bans imposed by the US and the UK.

The suspension followed security watchdog National Cyber Security Centre (NCSC) warning telecoms companies in the UK about the long term threat ZTE pose to the infrastructure of these companies. 

The US government has also banned US companies from working with ZTE due to a violation of sanctions and imposed a fine of $1.2 billion (£837 million) in 2017. 

Secretary of commerce Wilbur L.Ross Jr said: “ZTE misled the department of commerce. Instead of reprimanding ZTE staff and senior management, ZTE rewarded them. This egregious behaviour cannot be ignored.”

In a statement on the ZTE website the Chinese manufacturer commented: “ZTE is aware of the denial order activated by the United States Department of Commerce. At present, the company is assessing the full range of potential implications that this event has on the company and is communicating with relevant parties proactively in order to respond accordingly.”

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