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ZTE ceases main business operations following US ban

May 10, 2018

Via: TechSpot

Chinese tech giant ZTE says it has ceased “major operating activities” following a ban that prevents US companies from selling hardware and software to the firm for seven years. In a filing to the Hong Kong stock exchange, ZTE said it had enough cash to maintain its commercial obligations, but the situation looks bleak for China’s second-biggest smartphone maker.

ZTE added that it continues to communicate with relevant US government departments in the hope of modifying or reversing the Denial Order and to “forge a positive outcome in the development of the matters.”

Last year, ZTE admitted to violating US sanctions by selling US-made technology to Iran and North Korea.

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