US Senate seeks to restore ZTE penalties

US Senate seeks to restore ZTE penalties

It would also ban US government agencies from purchasing any devices or services from ZTE or Huawei, another major Chinese telecom firm, or using government loans to subsidize any subsidiaries or affiliates of the two companies.

Shares in ZTE fell 42 percent in Hong Kong on Tuesday, their first trading day after it agreed to the deal, in which it pays a $1 billion penalty to the USA government and replaces its top managers. It also required ZTE to change its board of directors and executive team within 30 days.

"The fact that a bipartisan group of senators came together this quickly is a testament to how bad the Trump administration's ZTE deal is and how we will not shy away from holding the president's feet to the fire when it comes to keeping his promise to be tough on China", Schumer said.

In Shenzhen, the firm's shares were down 10% in early trade, which is the maximum allowed on the mainland.

As part of the US order, the Commerce Department also will select a monitor, known as a special compliance co-ordinator, within 30 days to report on compliance by ZTE and its affiliates worldwide for 10 years.

The U.S. Commerce Department can exercise discretion in granting exceptions.

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"ZTE said they couldn't remain in business, or at least not remain anything other than a cell phone hand-held business, if the denial order from March was in effect".

China telecom giant ZTE got back into business Wednesday after a two-month suspicion, instantly plunging 39% during Hong Kong morning trade. Its Shenzhen shares fell by their 10 per cent limit to 28.18 yuan after it confirmed details of the agreement publicized by the USA government on Monday.

Republicans, who control both chambers of Congress, and Democrats expressed national security concerns about ZTE after it broke an agreement to discipline executives who had conspired to evade USA sanctions on Iran and North Korea.

The case has become highly politicized and a key focus of bargaining talks as Washington and Beijing look to avert a trade war.

During its trading halt, fund managers cut their valuations of ZTE shares, with some lowering valuations of its A-shares to 20.04 yuan per share, or a 36 per cent discount to the closing level on April 16.

The National Defense Authorization Act bill includes language that reinstates prior penalties on the company that bar it from buying US products - essentially a death sentence.

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