China’s ZTE Postpones Results After New US Export Curbs

Chinese telecommunications giant ZTE is postponing the release of its annual financial results and board meeting in order to assess the impact of new US export restrictions on the firm.

China's ZTE

The US Commerce Department made the move after ZTE and its units allegedly violated its sanctions on Iran.

ZTE is reportedly going to appeal against the curbs, which are likely to damage its global supply chain.

It’s Hong Kong-listed shares have been suspended from trading since March 7.

In a filing to the stock exchange, ZTE said it needed to conduct “a thorough self-assessment on the potential impacts of the restriction measures on the business and operation of the group”.

ZTE is the second-biggest supplier of telecommunications equipment in China after Huawei.

The Shenzhen-based firm is known for its smartphones but also makes semiconductors and other products.

It was estimated to have about 3.5% of the world’s smartphone market last year and US based Qualcomm is one of its biggest suppliers.

China’s government has said it was in “resolute opposition” to the US restrictions and that the move would “severely affect normal operations of Chinese companies”.

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