The Chinese government owns nearly half of ZTE’s controlling shareholder, which said it plans to sell up to 3% of the shares outstanding in the telecom giant
HONG KONG—The state-backed owner of China’s ZTE Corp. is cutting its stake in the telecoms giant, which is recovering from a bruising run-in with U.S. authorities last year.
ZTE, the world’s No. 5 maker of telecommunications equipment, lost billions of dollars in revenue when the U.S. Commerce Department barred it from buying components from the American tech companies it relies on. The ban—imposed for breaking the terms of a settlement resolving its sanctions-busting sales to Iran and North Korea—was in place for three months...
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