China Finance Online, China’s only online financial information service listed on NASDAQ, recently reported that ZTE issued an internal memo to its staff on the status of its recovery effort after the U.S. government banned American companies from exporting critical supplies to ZTE. The memo said the company was seeking a stay of the U.S. government ban and was “actively communicating” with the U.S. regulators by submitting additional supporting compliance materials. The memo emphasized that, ever since the U.S. ban, “as a globalized enterprise that grew in China,” ZTE has “strictly aligned with China’s national strategy.” The company has been actively taking steps, “firmly under the guidance of the Chinese government,” in order to “resolve the issues quickly.” The memo was issued immediately after the completion of the US-China trade negotiation between high ranking Chinese officials and the U.S delegation in Beijing. Taiwanese high-tech chip maker MediaTek just received clearance from the Taiwanese authorities to resume shipment to ZTE in a few weeks.
Source: China Finance Online, May 5, 2018