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

ZTE CORPORATION

(000063)
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End-of-day quote. End-of-day quote SHENZHEN STOCK EXCHANGE - 10/23
33.43 CNY   -0.59%
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Exclusive: U.S. finalizing federal contract ban for companies that use Huawei, others

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07/09/2020 | 11:17am EDT
FILE PHOTO: Logo of Huawei is seen at VivaTech fair in Paris

By David Shepardson

The Trump administration plans to finalize regulations this week that will bar the U.S. government from buying goods or services from any company that uses products from five Chinese companies including Huawei, Hikvision and Dahua, a U.S. official said.

The rule, which was prompted by a 2019 law, could have far-ranging implications for companies that sell goods and services to the U.S. government since they will now need to certify they do not use products from Dahua or Hikvision, even though both are among the top sellers of surveillance equipment and cameras worldwide.

The same goes for two-way radios from Hytera Communications Corp and telecommunications equipment or mobile devices like smartphones from Huawei Technologies [HWT.UL] or ZTE Corp.

Any company that uses equipment or services in their day-to-day operations from these five companies will no longer be able to sell to the U.S. government without obtaining a U.S. government waiver.

The White House action comes amid increasing U.S.-China tension over the handling of the novel coronavirus, China's actions in the former British colony of Hong Kong and a nearly two-year trade war.

"The danger our nation faces from foreign adversaries like China looking to infiltrate our systems is great," said Russ Vought, acting director of the White House Office of Management and Budget in a statement to Reuters.

"The Trump Administration is keeping our government strong against nefarious networks like Huawei by fully implementing the ban on Federal procurement."

Huawei did not have an immediate comment. Dahua, ZTE, Hikvision and Hytera could not immediately be reached for comment.

The U.S. government annually awards more than $500 billion in contracts, according to the Government Accountability Office.

The rule from the Federal Acquisition Regulatory Council will take effect on Aug. 13.

While there was previously uncertainty in the contracting community surrounding the implementation and enforcement of the rule, given its potential impact on contractors, the White House is making clear it will not be delayed and waivers could be difficult to get.

While it is unclear if this will have an impact on current contracts, it could complicate future contracts.

Amazon.com Inc, for example, received 1,500 cameras to take temperatures of workers during the coronavirus pandemic from Zhejiang Dahua Technology Co Ltd in April.

Amazon's cloud unit is a major contractor with the U.S. intelligence community, and it has been battling Microsoft Corp for an up to $10 billion cloud computing deal with the Pentagon.

The official said the administration will require agencies to conduct a national security analysis before they grant any waivers, something Congress did not expressly require in the statute.

The official added that the rule is aimed at more than just barring government agencies from using products from Huawei and other named Chinese firms, but is a bid to limit their influence, saying it essentially gives companies a choice: do business with the U.S. government or with the Chinese firms.

It is the latest effort by Washington to isolate the Chinese firms.

Last year, the United States placed Huawei, Hikvision and other firms on its economic blacklist, barring the firms from buying components from U.S. companies without U.S. government approval.

On June 30, the Federal Communications Commission formally designated Huawei and ZTE Corp as posing threats to U.S. national security, a declaration that bars U.S. firms from tapping an $8.3 billion government fund to purchase equipment from the companies.

(Reporting by David Shepardson in Washington; Additional reporting by Chris Sanders in Washington; Editing by Robert Birsel and Matthew Lewis)


Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.88% 3204.4 Delayed Quote.73.41%
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. 0.03% 39.15 End-of-day quote.19.58%
HYTERA COMMUNICATIONS CORPORATION LIMITED -0.54% 7.41 End-of-day quote.-11.89%
MICROSOFT CORPORATION 0.62% 216.23 Delayed Quote.37.11%
ZHEJIANG DAHUA TECHNOLOGY CO., LTD. 1.33% 20.62 End-of-day quote.3.72%
ZTE CORPORATION -0.59% 33.43 End-of-day quote.-5.54%
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Financials
Sales 2020 103 B 15 408 M 15 408 M
Net income 2020 5 312 M 795 M 795 M
Net cash 2020 2 046 M 306 M 306 M
P/E ratio 2020 27,8x
Yield 2020 0,94%
Capitalization 141 B 21 086 M 21 094 M
EV / Sales 2020 1,35x
EV / Sales 2021 1,16x
Nbr of Employees 70 066
Free-Float 68,6%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 41,19 CNY
Last Close Price 33,43 CNY
Spread / Highest target 54,0%
Spread / Average Target 23,2%
Spread / Lowest Target -20,7%
EPS Revisions
Managers
NameTitle
Zi Yang Xu President, CEO & Executive Director
Da Xiong Xie Chairman-Supervisory Board
Zi Xue Li Chairman
Li Ying Chief Financial Officer & Executive Vice President
Jun Feng Wang Member-Supervisory Board
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