Trading of shares in ZTE was suspended in Hong Kong and Shenzhen yesterday after news of a US investigation into whether China’s second-largest telecommunications equipment maker violated US controls on exports to Iran.
ZTE said it was co-operating with the US authorities. Reuters reported at the weekend that the US Department of Commerce was set to place export restrictions on the company. ZTE sells 8-10 per cent of the world’s telecoms equipment, according to Nomura, and counts Iran among its customers.
“ZTE has been working with relevant US government departments on investigations, maintaining communication with relevant departments and is committed to fully address and resolve any concerns,” it said in a statement.
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