In a tweet on Sunday morning, President Trump said he has instructed the Department of Commerce to find a way to get ZTE back into business fast because “too many jobs in China” would be lost. Trump’s tweet also references President Xi of China.
President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
— Donald J. Trump (@realDonaldTrump) May 13, 2018
FWD: The death of ZTE
Zhongxing Telecommunication Equipment Corporation (ZTE), one of the world’s largest suppliers of network infrastructure products, informed the Hong Kong Stock Exchange that “the major operating activities of the Company have ceased”. If the notice means what we think it means, then ZTE is dead. It took only 3 weeks from the day that the U.S. Commerce Department’ Bureau of Industry and Security (BIS) issued its order prohibiting companies…
ZTE: Major operating activities have ceased
ZTE stated that “the major operating activities of the Company have ceased” due to the export ban imposed on it by the U.S. Commerce Department’ Bureau of Industry and Security (BIS). The announcement was made in a regulatory filing with the Hong Kong Stock Exchange. Trading of the company’s shares have been suspended since April 16th. ZTE also said that it is actively communicating with the U.S. government in order to secure a reversal of the…
Three weeks in, ZTE appeals to U.S. Commerce Dept as shares remain suspended
ZTE has appealed to the U.S. Commerce Department’s Bureau of Industry and Security (BIS) to lift the ban on the export of U.S. products to the company, according to a regulatory filing made by ZTE to the Hong Kong exchange. There is no word on whether the appeal will be heard or acted upon by BIS. Meanwhile, trading of ZTE’s shares on the Hong Kong market remain suspended since April 16th. ZTE posted a Q1 growth rate of 12% prior to export ban…