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ZTE shares plunge on return to trading since US settlement


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ZTE shares plunge on return to trading since US settlement

ZTE Corp. shares plummeted after it resumed trading June 13 following a settlement deal to lift a seven-year U.S. export ban that put the company on the brink of collapse.

Shares in the Chinese firm closed 41.56% lower in Hong Kong and fell by the 10% daily limit in Shenzhen, nearly two months after the company suspended trading April 17 in response to a U.S. Commerce Department ban preventing U.S. companies from supplying it with key parts and technology. The sell-off wiped about $3 billion from ZTE's market value, which was estimated at $20 billion before the suspension, Reuters said.

ZTE had agreed to pay $1.4 billion in penalties to the U.S. government and revamp its management for the ban to be lifted. The company intends to disclose the impact of the ban and settlement deal in its 2018 first-quarter results.

As of June 12, US$1 was equivalent to 6.40 Chinese yuan.