Hope for ZTE employees as U.S. President Donald Trump took to twitter saying he and Chinese President Xi Jinping were working together to give ZTE “a way to get back into business, fast”.
ZTE, a Shenzhen-based telecommunications giant, was banned from purchasing American components and services which put a halt all major operations of ZTE, citing violations of U.S. export restrictions by illegally shipping goods to Iran.
Though the news by Trump boosted telecom and semiconductor related stocks to be among the best performing in China on Monday, for ZTE, the company has already suffered considerable losses. Some of ZTE’s long-term customers are worried over the telecommunication company’s ability to guarantee supply and are scaling back deals with it.
Source: Reuters