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Chinese company ZTE stops business operations after U.S. ban

Chinese company ZTE stops business operations after U.S. ban

ZTE said it's trying to negotiate with the USA government to get the recent bans overturned.

Last month, the BIS banned American companies from selling telecommunications equipment and services to ZTE after the firm allegedly did not live up to the terms of an agreement that had been worked out after it illegally shipped telecom equipment to Iran and North Korea. Now, in a new filing with the Hong Kong stock exchange, where ZTE shares are traded, the Chinese company revealed it has begun to feel the effects of these decisions, though it still has enough cash to fulfill its "commercial obligations".

It was communicating with all the USA federal government "in order to facilitate the adjustment or alteration of the Denial get from the US government and invent a favorable impact within the maturation of issues". Analysts say that tech firms such as Intel, Qualcomm, Google, among others, would also be impacted by the ban of ZTE, China's second biggest telecom equipment maker.

ZTE said that the U.S ban was unfair and threatens its survival. ZTE relies heavily on U.S. companies to supply as much as a third of its components. -China trade war. The Chinese government raised the issue of ZTE last week with a visiting USA trade delegation.

ZTE said on Sunday it had submitted a request to the U.S. Commerce Department for the suspension of the ban.

Chinese telecommunications company ZTE has stopped major business operations, it has revealed, as a outcome on the U.S. ban on selling components to the maker. The employee, who declined to be named, said business trips had been halted. Another said he hoped the Chinese government would help, saying he was confident President Xi Jinping would "sort out this trouble".

Last week, Chinese officials holding trade talks with U.S negotiators in Beijing asked the United States to hear ZTE's appeal and take into account the company's efforts to improve its compliance process. The decision came after it was revealed the company allegedly made false statements to US officials.

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