News 13 june — 15:11

China's telco giant ZTE sees shares collapse 39%


Shares in Chinese technology company ZTE plummeted 39% in Hong Kong as trading in the firm resumed after a two-month suspension, BBC reports.

In April, the US Commerce Department found ZTE had violated trade bans with North Korea and Iran.

A ban was placed on the firm that prevented it from buying parts from US suppliers.

The ban forced ZTE to suspend major operations, and trading in its shares in were halted on 17 April.

Last week, the US reached a deal with the Chinese technology giant that would remove the ban.

The deal will involve ZTE paying a $1bn penalty and hiring a US-approved compliance team. It will also have to replace its management board.

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