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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  ZTE Corporation    000063   CNE000000TK5

ZTE CORPORATION

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U.S. lawmakers want to help rural telecoms replace Huawei, ZTE equipment

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05/23/2019 | 09:31am EDT
FILE PHOTO: The Huawei logo is displayed ahead of the Mobile World Congress (MWC 19) in Barcelona

(In May 22 story corrects party affiliation for Wicker, paragraph 5)

The bill also moves to block the use of equipment or services from Chinese telecoms firms Huawei and ZTE in next-generation 5G networks, according to a statement by the senators.

The United States has accused ZTE Corp and Huawei Technologies Co Ltd of working for the Chinese government and has expressed concern their equipment could be used to spy on Americans, allegations the Chinese government and the companies say are baseless.

"With so much at stake, our communications infrastructure must be protected from threats posed by foreign governments and companies like Huawei," Tom Cotton, a Republican senator co-sponsoring the bill, said in a statement.

Mark Warner, the top Democrat on the Senate Intelligence Committee, and Roger Wicker, Republican chairman of the Senate Commerce Committee, are also backing the bill.

While large U.S. wireless companies have severed ties with Huawei, small rural carriers have leaned on Huawei and ZTE switches and equipment because they are often less expensive.

The Rural Wireless Association, which represents carriers with fewer than 100,000 subscribers, estimates that 25 percent of its members have Huawei and ZTE in their networks, and have said it would cost $800 million to $1 billion to replace it.

The move goes further than steps taken so far by U.S. President Donald Trump's administration, even as it has hardened its stance on Huawei.

Last August, Trump signed a bill barring the U.S. government itself from using Huawei and ZTE equipment.

Then, last week, the U.S. Commerce Department blacklisted Huawei and 70 affiliates, barring the company from buying parts or components from U.S. companies without U.S. government approval.

Five days later, the U.S. government temporarily eased trade restrictions, allowing the Chinese firm to buy American-made goods to maintain existing networks and provide software updates to existing Huawei headsets.

(Reporting by Makini Brice; Editing by Lisa Shumaker)

Stocks mentioned in the article
ChangeLast1st jan.
5G NETWORKS LIMITED -4.26% 0.9 End-of-day quote.114.29%
NEW YORK COTTON 0.70% 64.99 End-of-day quote.-10.11%
ZTE CORPORATION End-of-day quote.
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Financials (CNY)
Sales 2019 94 004 M
EBIT 2019 6 875 M
Net income 2019 4 651 M
Finance 2019 836 M
Yield 2019 1,17%
P/E ratio 2019 28,8x
P/E ratio 2020 23,7x
EV / Sales2019 1,33x
EV / Sales2020 1,16x
Capitalization 126 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 33,68  CNY
Last Close Price 32,53  CNY
Spread / Highest target 38,3%
Spread / Average Target 3,53%
Spread / Lowest Target -25,3%
EPS Revisions
Managers
NameTitle
Ziyang Xu President, CEO & Executive Director
Da Xiong Xie Chairman-Supervisory Board
Zi Xue Li Chairman
Li Ying Chief Financial Officer & Executive Vice President
Hui Jun Xu Chief Technology Officer & Executive VP
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