ZTE has appealed to the U.S. Commerce Department’s Bureau of Industry and Security (BIS) to lift the ban on the export of U.S. products to the company, according to a regulatory filing made by ZTE to the Hong Kong exchange. There is no word on whether the appeal will be heard or acted upon by BIS.
Meanwhile, trading of ZTE’s shares on the Hong Kong market remain suspended since April 16th.
ZTE posted a Q1 growth rate of 12% prior to export ban on its suppliers
ZTE reported revenue of RMB 28.879 billion (US$5.548 billion) for the first quarter of 2018, up 12% over the same period in 2017. Net profit after extraordinary items attributable to holders of ordinary shares of the listed company amounted to RMB 1.368 billion (US$216 million). The company said it is still assessing the impact of the export ban imposed on its U.S. suppliers by the U.S. Department of Commerce, stating that this action will have…
Mediatek halts shipments to ZTE
Following an order from Taiwan’s Bureau of Foreign Trade, Mediatek has suspended shipment of its chips and components to ZTE, according to Nikkei Asian Review. Mediatek is the second largest global supplier of systems-on-chip (SoC) solutions for mobile devices. It also supplies a range of connectivity chips for home networking and broadband CPE, along with a new line of optical components. https://s.nikkei.com/2HFl…
Chairman of ZTE says U.S. export ban is “unfair and unreasonable”
The Chairman of ZTE, Mr. Yin Yimin, issued a public statement acknowledging that the company is “in a very difficult situation,” stating that his team is doing its utmost to solve this situation through active communication, and imploring the company’s 80,000 employees to “be stable-minded and perform their respective duties.” The public statement comes nine days after the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has imposed…
WSJ: Huawei under criminal investigation by U.S. authorities
The FBI is investigating Huawei over possible exports of prohibited technologies to Iran in violation of international sanctions. The case could lead to a ban on the export of products from the U.S. to Huawei, as happened earlier this month with ZTE. There has been no official confirmation of an investigation. Huawei has not commented on the reports. The news sent share prices down for many suppliers of silicon and optical component…
U.S. Commerce Dept. bans exports to ZTE
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has imposed a denial of export privileges against Zhongxing Telecommunications Equipment Corporation (ZTE) of China. The ban prohibits companies or individuals from participating in any way in an export transaction with ZTE. The order prohibits “Carrying on negotiations concerning, or ordering, buying, receiving, using, selling, delivering, storing, disposing of, forwarding,…
