June 13, 2018 / 1:28 AM / 8 months ago

China's ZTE plunges 38 pct in resumed trade after $1.4 bln US settlement

HONG KONG, June 13 (Reuters) - The Hong Kong-listed shares of China’s ZTE Corp were set to slide 38 percent on Wednesday following a two-month trading suspension after it agreed to pay up to $1.4 billion in penalties to the U.S. government.

China’s No. 2 telecommunications equipment maker was crippled when the United States imposed a seven-year supplier ban on the company in April for breaking a 2017 agreement reached after it was caught illegally trading with Iran and North Korea.

Shares of ZTE were set to open at HK$16, their lowest level in a year, after it confirmed details of an agreement publicised by the U.S. government on Monday. (Reporting by Anne Marie Roantree and Donny Kwok; Editing by Stephen Coates)

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