On March 29, ZTE (000063) announced in the morning that the company had issued a series of announcements on the decision of the US Department of Commerce's Industry and Security Administration to implement export restrictions on the company, related progress and settlement. According to the recommendation of the US Department of Commerce's Bureau of Industry and Security, the company and Shenzhen Zhongxing Kangxun Electronics Co., Ltd. will be removed from the list of entities on March 29 (US time).
The U.S. Department of Commerce’s export restrictions on ZTE go back to March 7 last year. At that time, the US Department of Commerce planned to impose export restrictions on it, prohibiting domestic component suppliers from exporting components, software, equipment and other technical products to ZTE, because it is suspected of violating US export control policies against Iran.
According to public information, ZTE’s market share in the US was 10% at the time, and parts were purchased from US companies including Qualcomm, Microsoft and Intel. It also sells mobile phones to AT&T, T-Mobile and Sprint. If the restrictions are implemented, it will have an important impact on ZTE. Affected by this, ZTE suspended its trading and extended the 2015 annual report.
Soon, the head of the US Department of Commerce’s US Department of the United States expressed strong dissatisfaction and resolute opposition to the announcement by the US Department of Commerce of sanctions against ZTE. The person in charge said that ZTE has been actively engaged in international operations, and has conducted extensive trade and investment cooperation with hundreds of American companies, contributing tens of thousands of jobs to the United States. The US move will seriously affect the normal business activities of Chinese companies. China will continue to negotiate with the US on this issue.
Under repeated mediations, the US Department of Commerce’s restriction has been postponed several times, each time being extended for three months.
On March 7 this year, ZTE announced that it has reached a settlement with the US government on the US government export control investigation case. As part of the settlement agreement, ZTE agreed to pay a fine of $892 million in criminal and civil penalties. In addition, a $300 million fine was imposed on the US Department of Commerce's Bureau of Industry and Security.
The removal of ZTE from the US export restrictions list means that the ZTE export restriction incident lasting for one year has officially ended.
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