China’s telecommunications giant ZTE to resume trading at Shanghai and Hong Kong stock exchanges

Beijing. June 14. Silkroadnews - China’s telecommunications giant ZTE said it will resume trading at the stock exchanges of Shanghai and Hong Kong after reaching agreements with the U.S. government to end the U.S. ban on the sale of its spare parts and software and pay fines of $1.4 billion, the Global Times reports.
Also, in accordance with the U.S. government requirements, the company will replace the members of the Board of Directors within 30 days after the order of the Bureau of Industry and Security of the U.S. (BIS) of June 8.
A special audit and compliance committee headed by three or more new independent directors of the board will also be set up, the report reads.
The company will also hire at its own expense an independent compliance coordinator to monitor the company’s operations and its global units in compliance with the relevant U.S. export regulations. The coordinator will equally report to the ZTE and BIS Council during a probation period of 10 years. ZTE will also recompile and release its first-quarter report.
The company suspended trading of its shares on April 17 at the Shenzhen Stock Exchange.
In April the U.S. authorities banned the U.S. companies from selling ZTE components for seven years, saying that the Chinese company had violated the agreement on resolving the problem by repeatedly providing false information, which led to the threat of termination of supplies of American components of ZTE.