Sunday, 2024 March 3

ZTE sees hope with Trump’s tweet

Hope for ZTE employees as U.S. President Donald Trump took to twitter saying he and Chinese President Xi Jinping were working together to give ZTE “a way to get back into business, fast”.

ZTE, a Shenzhen-based telecommunications giant, was banned from purchasing American components and services which put a halt all major operations of ZTE, citing violations of U.S. export restrictions by illegally shipping goods to Iran.

Though the news by Trump boosted telecom and semiconductor related stocks to be among the best performing in China on Monday, for ZTE, the company has already suffered considerable losses. Some of ZTE’s long-term customers are worried over the telecommunication company’s ability to guarantee supply and are scaling back deals with it.

Source: Reuters

36Kr Global Contributors
36Kr Global Contributors
The tech ecosystem is roaring. Unicorns valued at billions of dollars have emerged worldwide, while venture capital and strategic investors are constantly on the lookout for the next big thing. 36Kr Global is committed to establishing ties between global stakeholders and providing the most vital information about China’s tech scene and capital markets.

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