China telecoms company ZTE has “ceased operations” after being banned for seven years from doing business with US companies, making it the biggest casualty so far of deteriorating trade relations between Beijing and Washington.
ZTE had been China’s biggest publicly listed telecoms equipment manufacturer, with a market capitalisation of about $20bn, before it suspended its shares from trading last month.
It was deemed of such national importance that government negotiators requested the US to lift its ban as part of the two countries’ trade negotiations last week.
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