Trading in its shares has been suspended in China since Tuesday.
Chinese telecom equipment maker ZTE Corp said on Friday a us decision to impose sanctions on the company was unfair and threatens the survival of the technology giant as it pledged to safeguard its rights through all legal means. In response, China immediately made an antidumping preliminary ruling against USA millets.
BIS refers to the US Commerce Department's Bureau of Industry and Security.
"I wonder how long we will have to wait to get an actual statement from ZTE", one user wrote Monday on ZTE's website.
ZTE on Friday published a riposte in which it argues it has tried really, really hard to improve its export compliance capability - even to the extent of implementing SAP - and co-operated with United States authorities on an ongoing investigation.
About a year ago, ZTE pleaded guilty to violating US sanctions against Iran and North Korea. The punishment was the largest fine ever for violating the sanction on Iran.
Nineteen stocks related to semiconductors listed on the mainland rose by their daily limit on Wednesday. "But there is no provision now for that to occur", the official said. "There is no way to reverse the decision". The company said it took measures against the employees who might have been responsible for this incident and "corrective measures" were taken immediately, including hiring a "prestigious" USA law firm to conduct an independent investigation. It is also said to have lied to investigators who were looking into the matter.
FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. The official explained that Chinese authorities may infiltrate the UK's communication infrastructure and destroy it.
Last month, USA telecom carrier AT&T abandoned Huawei phones under national security pressure from the U.S. government while Best Buy, a major electronics stores in the country, also said it will no longer sell Huawei's smartphones.
The company has to receive approval from market regulators in nine countries to seal the deal. ZTE's smartphones, for instance, rely on Qualcomm's chips.
A second person with knowledge of the talks said senior officials had met with key ministries, as well as the National Integrated Circuitry Investment Fund, "this week" to discuss speeding up plans due to recent trade tensions. These enterprises would, in turn, be technologically backed by industry heavyweights like ZTE, Oppo, and Vivo; thereby resulting in a complete backfire of USA's anti-China move.
An estimated 15-25 percent of components in ZTE's equipment is believed to originate from United States companies.
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