China’s ZTE Main Business Operations Cease after USA Ban
Chinese Multinational Agglomerate, ZTE was hit by a ban from Washington, forbidding U.S firms from supplying it with components and technology allegations of violating against U.S export restrictions by illegally shipping goods to Iran.
The U.S ban which threatens to cut ZTE supply chain came amidst the heightened tensions over a possible China-U.S Trade War. The Chinese government too had raised the issue of the ban while visiting U.S trade delegation.
In its exchange filings on Wednesday, ZTE said,
"As a result of the Denial Order, the major operating activities of the company have ceased. As of now, the company maintains sufficient cash and strictly adheres to its commercial obligations subject in compliance with laws and regulations."
The U.S. action which was first reporte...
