July 12, 2018 / 1:48 AM / 4 months ago

ZTE shares soar after clearing last hurdle to lifting of U.S. ban

FILE PHOTO: The logo of China's ZTE Corp is seen at the lobby of ZTE Beijing research and development center building in Beijing, China, June 13, 2018. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - Hong Kong shares of ZTE Corp (0763.HK) surged nearly 24 percent on Thursday after China’s No. 2 telecommunications equipment maker cleared the last hurdle to lifting a U.S. ban on component supplies.

ZTE’s shares in Shenzhen 000063.SZ also rose the daily limit of 10 percent.

The United States said on Wednesday that it signed an agreement with ZTE that paves way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers.

Reporting by Donny Kwok; Editing by Muralikumar Anantharaman

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