ZTE shares soar after clearing last hurdle to lifting of U.S. ban

12 Jul, 2018

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HONG KONG (Reuters) – Hong Kong shares of ZTE Corp (0763.HK) surged nearly 24 percent on Thursday after China’s No. 2 telecommunications equipment maker cleared the last hurdle to lifting a U.S. ban on component supplies.

FILE PHOTO: Visitors pass in front of the Chinese telecoms equipment group ZTE Corp booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Sergio Perez/File Photo

ZTE’s shares in Shenzhen (000063.SZ) also rose the daily limit of 10 percent.

The United States said on Wednesday that it signed an agreement with ZTE that paves way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers.

Reporting by Donny Kwok; Editing by Muralikumar Anantharaman

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