ZTE announced it has shut down operations and closed its online store following a US ban against it.
ZTE is one of China's largest tech companies, and yet, it's ceased all "major operating activities," according to a new public filing. As a result, some of the company's products, including smartphones, have been taken offline. This move comes in the aftermath of a US ban placed on the company. Last month, the US Commerce Department blocked US firms from selling parts or providing services to ZTE until 2025.
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ZTE was accused of violating US sanctions on North Korea and Iran, as well as lying to US officials. ZTE immediately responded to the accusation, denying it did not take corrective action, and said it's been "severely impacted" by the ban. Talk of a trade war between the US and China is now at an all-time high, and even the UK government is getting involved, having warned UK telcos not to use ZTE equipment.
In April, the UK’s National Cybersecurity Centre wrote to UK telcos, claiming that using network equipment manufactured by ZTE would negatively impact the UK’s national security. Now, in a new filing with the Hong Kong stock exchange, where ZTE shares are traded, the Chinese company revealed it has begun to feel the effects of these decisions, though it still has enough cash to fulfill its "commercial obligations".
We've contacted ZTE for a comment and will update if we learn more.
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