ZTE’s HK shares set to open up 5.5 percent after U.S. lifts…

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HONG KONG (Reuters) – Shares of China’s ZTE Corp were set to rise 5.5 percent in Hong Kong on Monday after the United States lifted a ban on American companies selling parts to the telecommunications equipment maker that had crippled its business.

  • FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo

    • The U.S. Commerce Department removed the ban shortly after ZTE deposited $400 million in a U.S. bank escrow account as part of a settlement reached last month. The settlement also included a $1 billion penalty that ZTE paid to the U.S. Treasury in June.

    ZTE’s Hong Kong-listed shares were set to open up 5.5 percent at HK$14.50. That is still more than 40 percent lower than its last trading price in April when its shares were suspended for two months.

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    Economy