INSUBCONTINENT EXCLUSIVE:
Image copyrightReutersShares in Chinese technology company ZTE plummeted 39% in Hong Kong as trading in the firm resumed after a two-month
In April, the US Commerce Department found ZTE had violated trade bans with North Korea and Iran.A ban was placed on the firm that prevented
it from buying parts from US suppliers
The ban forced ZTE to suspend major operations, and trading in its shares in were halted on 17 April
Last week, the US reached a deal with the Chinese technology giant that would remove the ban
The deal will involve ZTE paying a $1bn penalty and hiring a US-approved compliance team
It will also have to replace its management board.ZTE, which is based in Shenzhen, is China's second biggest telecoms maker
It depends on US-made components for the production of handsets.In Shenzhen, the firm's shares were down 10% in early trade, which is the
maximum allowed on the mainland.The share falls in Shenzhen and Hong Kong were widely expected
The decision to lift the US ban on ZTE has faced sharp criticism from US politicians, including from some Republicans
US Senate leaders from both side of the political fence are expected to vote later this week on an amendment to a bill that could block the
agreement between the Trump administration and ZTE
