|FILE PHOTO: A ZTE smart phone is pictured in this illustration|
HONG KONG (Reuters) - Shares of China's ZTE Corp (HK:0763) were set to rise 5.5 percent in Hong Kong on Monday after the United States lifted a ban on American companies selling parts to the telecommunications equipment maker that had crippled its business.
The U.S. Commerce Department removed the ban shortly after ZTE deposited $400 million in a U.S. bank escrow account as part of a settlement reached last month. The settlement also included a $1 billion penalty that ZTE paid to the U.S. Treasury in June.
ZTE's Hong Kong-listed shares were set to open up 5.5 percent at HK$14.50. That is still more than 40 percent lower than its last trading price in April when its shares were suspended for two months.