July 3, 2018 / 7:15 AM / in a year

ZTE Corp shares rise by daily maximum limit in Shenzhen

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) - Shenzhen-listed shares of embattled Chinese telecom equipment maker ZTE Corp rose on Tuesday by the maximum daily allowed 10 percent in afternoon trading.

ZTE’s Hong Kong-listed shares rose as much as 6.5 percent by 0700 GMT, outperforming the benchmark Hang Seng Index that dropped 1.8 percent.

It was not immediately clear why the shares rose.

China’s No.2 telecom equipment maker was forced to cease major operations in April after the U.S. slapped it with a supplier ban saying it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea. ZTE is in the process of getting the ban lifted and announced a new board last week.

Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman

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