ZTE says its operations are running normally. ZTE clarified that it has not received notices from the relevant government departments, and will proactively communicate with the relevant government departments and make announcements as and when required. The investigation comes after the company was found to have violated a 2017 settlement under which it pleaded guilty to dodging US sanctions on Iran. A year later, US President Donald Trump's administration barred US companies from selling goods to the company after it determined ZTE made false statements about disciplining 35 employees tied to the sanctions violations. Shares ZTE tumbled 23 percent to HK$23.80 while shares of Apple's lenses supplier Sunny Optical (2382) slumped by 12.83 percent to HK$103.30 yesterday and became the biggest blue-chip percentage loser.

Source: The Standard March 16, 2020 19:07 UTC