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

ZTE CORPORATION

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U.S. FCC issues final orders declaring Huawei, ZTE national security threats

06/30/2020 | 02:24pm EST
FILE PHOTO: IFA consumer tech fair in Berlin

By David Shepardson

The Federal Communications Commission on Tuesday formally designated Chinese's Huawei Technologies Co 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.

The U.S. telecommunications regulator voted in November 5-0 to issue the declaration and proposed requiring rural carriers to remove and replace equipment from the two Chinese companies from existing U.S. networks. "We cannot and will not allow the Chinese Communist Party to exploit network vulnerabilities and compromise our critical communications infrastructure," FCC Chairman Ajit Pai said in a statement Tuesday.

Huawei and ZTE did not immediately respond to requests for comment but have previously sharply criticized the FCC's actions.

FCC Commissioner Geoffrey Starks said on Tuesday that "untrustworthy equipment" remains in place in U.S. networks and said the U.S. Congress must allocate funding for replacements.

In May 2019, Trump signed an executive order declaring a national emergency and barring U.S. companies from using telecommunications equipment made by companies posing a national security risk. The Trump administration also added Huawei to its trade blacklist last year.

The FCC has taken an increasingly hard line against Chinese firms.

In April, the FCC said it may shut down U.S. operations of three state-controlled Chinese telecommunications companies

The FCC required China Telecom Americas, China Unicom Americas, Pacific Networks Corp and its wholly owned subsidiary ComNet (USA) LLC to explain why it should not start the process of revoking authorizations enabling their U.S. operations.

The FCC granted its approvals to the firms more than a decade ago.

In May 2019, the FCC voted to deny another state-owned Chinese telecommunications company, China Mobile Ltd, the right to provide U.S. services, citing risks that the Chinese government could use the company to conduct espionage against the U.S. government.

(Reporting by David Shepardson; Editing by Chizu Nomiyama and Sandra Maler)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOBILE LIMITED 0.11% 47.65 End-of-day quote.-27.25%
CHINA TELECOM CORPORATION LIMITED 0.00% 2.42 End-of-day quote.-24.61%
CHINA UNICOM (HONG KONG) LIMITED -0.83% 4.78 End-of-day quote.-34.88%
ZTE CORPORATION 0.45% 35.7 End-of-day quote.0.88%
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Financials
Sales 2020 101 B 15 344 M 15 344 M
Net income 2020 4 416 M 672 M 672 M
Net cash 2020 4 866 M 740 M 740 M
P/E ratio 2020 37,7x
Yield 2020 0,65%
Capitalization 148 B 22 475 M 22 489 M
EV / Sales 2020 1,42x
EV / Sales 2021 1,23x
Nbr of Employees 70 066
Free-Float 71,4%
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Technical analysis trends ZTE CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 39,68 CNY
Last Close Price 34,99 CNY
Spread / Highest target 41,5%
Spread / Average Target 13,4%
Spread / Lowest Target -24,3%
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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