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July 16, 2018

ZTE's HK shares set to open up 5.5 percent after U.S. lifts supplier ban

ZTE's HK shares set to open up 5.5 percent after U.S. lifts supplier ban
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.

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