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    000063   CNE000000TK5

ZTE CORPORATION

(000063)
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End-of-day quote Shenzhen Stock Exchange  -  2022-09-22
22.33 CNY   -1.02%
09/23Gosuncn Technology Group Co., Ltd. agreed to acquire additional 2.2822% minority stake in Gosuncn Zhilian Technology Co., Ltd. from ZTE Corporation.
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Biden signs legislation to tighten U.S. restrictions on Huawei, ZTE

11/11/2021 | 10:32pm EDT
Mobile World Congress (MWC) in Shanghai

WASHINGTON (Reuters) - U.S. President Joe Biden on Thursday signed legislation to prevent companies like Huawei Technologies Co or ZTE Corp that are deemed security threats from receiving new equipment licenses from U.S. regulators.

The Secure Equipment Act, the latest effort by the U.S. government to crack down on Chinese telecom and tech companies, was approved unanimously by the U.S. Senate on Oct. 28 and earlier in the month by the U.S. House on a 420-4 vote.

The signing comes days before Biden and Chinese leader Xi Jinping are expected to hold a virtual summit. Reuters reported the meeting is expected Monday, amid tensions over trade, human rights and military activities.

The new law requires the Federal Communications Commission (FCC) to no longer review or approve any authorization application for equipment that poses an unacceptable risk to national security.

FCC Commissioner Brendan Carr said the commission has approved more than 3,000 applications from Huawei since 2018. The law "will help to ensure that insecure gear from companies like Huawei and ZTE can no longer be inserted into America's communications networks," Carr said.

In March, the FCC designated five Chinese companies as posing a threat to national security under a 2019 law aimed at protecting U.S. communications networks.

The named companies included previously designated Huawei and ZTE, as well as Hytera Communications Corp, Hangzhou Hikvision Digital Technology Co and Zhejiang Dahua Technology Co.

The FCC in June voted unanimously to advance a plan to ban approvals for equipment in U.S. telecommunications networks from those Chinese companies even as lawmakers pursued legislation to mandate it.

The FCC vote in June drew opposition from Beijing.

"The United States, without any evidence, still abuses national security and state power to suppress Chinese companies," Zhao Lijian, a spokesperson at China's foreign ministry, said in June.

Under proposed rules that won initial approval in June, the FCC could also revoke prior equipment authorizations issued to Chinese companies.

Huawei in June called the proposed FCC revision "misguided and unnecessarily punitive."

Last month, the FCC voted to revoke the authorization for China Telecom's U.S. subsidiary to operate in the United States, citing national security concerns.

(Reporting by David Shepardson; Editing by AListair Bell)

By David Shepardson


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA TELECOM CORPORATION LIMITED -3.08% 2.83 Delayed Quote.12.31%
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. -1.82% 29.05 End-of-day quote.-44.48%
HYTERA COMMUNICATIONS CORPORATION LIMITED -1.29% 4.59 End-of-day quote.-16.85%
ZHEJIANG DAHUA TECHNOLOGY CO., LTD. -1.25% 13.45 End-of-day quote.-42.72%
ZTE CORPORATION -1.02% 22.33 End-of-day quote.-33.34%
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Analyst Recommendations on ZTE CORPORATION
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Financials
Sales 2022 130 B 18 195 M 18 195 M
Net income 2022 8 371 M 1 174 M 1 174 M
Net cash 2022 13 902 M 1 950 M 1 950 M
P/E ratio 2022 12,6x
Yield 2022 1,62%
Capitalization 99 314 M 13 933 M 13 933 M
EV / Sales 2022 0,66x
EV / Sales 2023 0,58x
Nbr of Employees 73 191
Free-Float 74,6%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 22,33 CNY
Average target price 34,97 CNY
Spread / Average Target 56,6%
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Managers and Directors
Zi Yang Xu President, CEO & Executive Director
Li Ying Chief Financial Officer & Executive Vice President
Da Xiong Xie Chairman-Supervisory Board
Zi Xue Li Chairman
Man Li Cai Independent Non-Executive Director
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