ZTE in jeopardy again as Senate defies Trump with potential new ban

Shares in Chinese tech company ZTE are set to resume trading in Hong Kong on Wednesday after the company reached a deal with the US government to lift a crippling ban on the supply of crucial parts

The Hong Kong-listed stock of ZTE (ZTCOF), which makes smartphones and other telecommunications equipment, had been suspended for the past eight weeks after the US Commerce Department blocked American firms from selling parts or providing services to the company.

US lawmakers have attacked Washington's agreement with ZTE and plan legislation to roll it back, citing intelligence warnings that ZTE poses a national security threat. The new punishment would require a restructuring of ZTE's management, a $1 billion fine, and $400 million to be held in escrow as a deterrent for ZTE from violating laws again.

Confirming details of the USA deal, ZTE said late on Tuesday it would replace its board of directors and that of its import-export subsidiary ZTE Kangxun within 30 days of the June 8 order being signed by the United States. "We need to solve the larger puzzle of trade and national security in addition to the enforcement action for the violation of sanctions".

ZTE has also rolled out plans for all of its 80,000-plus employees to undergo compliance education, all in the hopes of resuming operations as early as possible, the people said.

Cotton and Rubio, along with Sen.

The Senate has adopted a measure to block a deal between the Trump administration and Chinese telecommunications company ZTE.

The Shenzhen-based company appointed Shen Nan to lead the team, with two assistants, according to an internal memo seen by the South China Morning Post.

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Commerce Secretary Wilbur Ross was on Capitol Hill on Monday evening to speak with senators behind closed doors about the details of the ZTE deal, in a meeting that began shortly after the decision to include the amendment blocking the president's deal was announced.

The move enraged Republicans and Democrats who said ZTE not only worked with Iran and North Korea in violation of US sanctions, but is a threat to national security, offering Chinese intelligence operatives a way to spy on the USA through ZTE products. Rubio supports the new language in the defense bill.

The ZTE provision was included as part of a non-controversial "manager's package" of changes, which is likely to be easily approved.

Once the defense legislation passes the Senate, it must be reconciled with the House version of the bill before it can be sent to the White House for Trump's signature or veto.

"We're just continuing the conversation", said Sen.

A bipartisan group of U.S. senators has put a renewed ban on both ZTE and Huawei into an amendment to the 2019 National Defense Authorization Act. "I want to keep the conversation going".

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