HONG KONG (Reuters) - Shares of China’s ZTE Corp rose as much as 3.8 percent in Hong Kong on Monday after U.S. lawmakers cut measures from a defense bill that would have reinstated sanctions on the telecommunications equipment maker.
The move lifts uncertainty over whether a crippling U.S. supplier ban on ZTE, which was removed by the Commerce Department in mid-July, could be reinstated.
ZTE’s shares climbed to HK$15.20 in early trade. That is still 40 percent lower than its last trading price in April when its shares were suspended for two months.
Reporting by Anne Marie Roantree; Editing by Stephen Coates