ZTE‘s main business operations have ceased due to a ban imposed by the U.S. government, but the Chinese firm is trying to have the ban modified or reversed, it said in exchange filings late on Wednesday.
ZTE last month was hit with a ban from Washington forbidding U.S. companies to supply it with components and technology after it was found to have violated U.S. export restrictions.
“As a result of the Denial Order, the major operating activities of the Company have ceased,” ZTE said in the filing.
“As of now, the Company maintains sufficient cash and strictly adheres to its commercial obligations subject to compliance with laws and regulations,” it said.
It said it is actively communicating with the U.S. government “in order to facilitate the modification or reversal of the Denial Order by the U.S. government and forge a positive outcome in the development of matters.”
source : www.cnbc.com