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    000063   CNE000000TK5

ZTE CORPORATION

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Biden signs legislation to tighten U.S. restrictions on Huawei, ZTE

11/11/2021 | 10:32pm EST
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


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA TELECOM CORPORATION LIMITED 2.46% 2.92 End-of-day quote.12.31%
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. -0.52% 49.49 End-of-day quote.-5.41%
HYTERA COMMUNICATIONS CORPORATION LIMITED -3.35% 5.2 End-of-day quote.-5.80%
ZHEJIANG DAHUA TECHNOLOGY CO., LTD. -2.50% 20.3 End-of-day quote.-13.54%
ZTE CORPORATION -3.15% 32.95 End-of-day quote.-1.64%
All news about ZTE CORPORATION
01/21ZTE : wins ATD Excellence in Practice Award for third consecutive year
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01/20ZTE : China Mobile and ZTE complete industry's first URLLC live network verification
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01/19ZTE : helps China Unicom complete China's first automatic provisioning of multi-protocol c..
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01/19ZTE : scores high in BSIMM12 assessment of its 5G Flexhaul products
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01/18ZTE Sells $630 Million of 71-Day Renminbi Bonds in China
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01/18ZTE Corporation Announces the Issuance of 2022 Tranche V to Tranche VII Super and Short..
CI
01/17ZTE Raises $709 Million from Sale of 75-Day Renminbi Bonds in China; Shares Jump 3%
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01/13ZTE : and China Unicom jointly complete PoC of computing power network service scheduling
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01/13ZTE : Wins Two Project Management Awards from PMI China
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01/13ZTE : wins 2021 PMI (China) Outstanding Project Award with its P3 Project in Philippines
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More news
Analyst Recommendations on ZTE CORPORATION
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Financials
Sales 2021 117 B 18 530 M 18 530 M
Net income 2021 7 234 M 1 141 M 1 141 M
Net cash 2021 15 997 M 2 524 M 2 524 M
P/E ratio 2021 21,3x
Yield 2021 1,31%
Capitalization 145 B 22 849 M 22 849 M
EV / Sales 2021 1,10x
EV / Sales 2022 0,95x
Nbr of Employees 73 709
Free-Float 75,2%
Chart ZTE CORPORATION
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ZTE Corporation Technical Analysis Chart | 000063 | CNE000000TK5 | MarketScreener
Technical analysis trends ZTE CORPORATION
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 17
Last Close Price 32,95 CNY
Average target price 40,29 CNY
Spread / Average Target 22,3%
EPS Revisions
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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