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Wednesday, May 09, 2018
ZTE Winds Down U.S. Operations After U.S. Ban


China's ZTE Corp. is stopping its main business operations in the U.S. after a ban imposed by the U.S. government, although the company istrying to have the ban reversed.

Last month, Washington banned U.S. firms to supply it with components and technology after it was found to have violated U.S. export restrictions.

"As a result of the Denial Order, the major operating activities of the company have ceased," ZTE said in an exchange filings late on Wednesday.

"As of now, the company maintains sufficient cash and strictly adheres to its commercial obligations subject to compliance with laws and regulations," it said.

ZTE said it was actively communicating with the U.S. government "in order to facilitate the modification or reversal of the Denial Order by the U.S. government and forge a positive outcome in the development of matters."

ZTE said on Sunday it had submitted a request to the U.S. Commerce Department for the suspension of the ban.



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