ZTE's shares sink on stock exchanges globally

Shares are expected to fall further after Chinese kit-maker agrees to pay $1.4 billion fine
Shares of the world's fourth largest mobile manufacturer, ZTE, have slumped on stock exchanges globally.
Shares of the world's fourth largest mobile manufacturer, ZTE, have slumped on stock exchanges globally.

Share

ZTE's share slumped on both the Hong Kong and Shenzhen Stock Exchange's and are expected to fall further in the coming days. ZTE shares on the Hong Kong Stock Exchange sagged 39% following the news that the Chinese kit maker will pay a $1.4 billion fine to the US.

In Shenzhen, the company's stock fell by 10% (the maximum permitted daily devaluation) to 28.18 Yuan ($4.39). Analysts expect further drops in ZTE's mainland share price in the coming days.

The market's reaction to news of the fine suggests that it will be a long road to recovery for the smartphone manufacturer. After being suspended for nearly two months, the company's share price fell to HK$15.66 ($1.99) per share on the Hong Kong Stock Exchange.

Editor's Choice

du gives free higher-speed WiFi across the UAE for Eid
Complementary WiFi at all WiFi UAE locations will operate at speeds 10 times faster at the end of Ramadan
Virgin Mobile partners with Samsung to deliver an exclusive mobile data offering in the UAE
New Virgin Mobile customers will get 5GB of additional data for three months with the purchase of a new Samsung Galaxy device
Nokia's new 5G design and deployment services to deliver faster time to market, lower total cost
Nokia introduces Nokia 5G Digital Design concept, which uses AI to simulate 5G use cases to accelerate real-world network design and ensure 5G networks meet business goals

Most popular

Don't Miss a Story