Chinese telecoms equipment group ZTE said on November 18 that it has won a further reprieve until February 27, 2017 on export restrictions that were imposed on the company by the U.S. government.
In March this year, the U.S. Commerce Department hit ZTE with some of the toughest-ever U.S. export restrictions for allegedly breaking sanctions against Iran.
If imposed, a ban for U.S. component makers and software firms to do business with ZTE could cut off much of the Chinese network equipment and smartphone maker’s supply chain.
The latest reprieve comes after ZTE said this week it had appointed Matthew Bell as its new chief export compliance officer based in the U.S.
ZTE added that it will continue to cooperate with the relevant U.S. government departments to reach a final solution on the matter and comply strictly with relevant U.S. laws.
ZTE’s Hong Kong shares closed down 1.9 percent on November 18, and are down 35 percent for the year to date due to uncertainty over export restrictions.