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ZTE in hot water with US again
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ZTE said it received no advance notice from American authorities before NBC News reported on Friday that the Chinese telecom company is the subject of a new bribery investigation by US regulators.
Shares in ZTE, the biggest public-telecommunications equipment maker in China, fell by the 10 percent daily cap to 45.71 yuan (US$6.50) in Shenzhen yesterday. Its shares in Hong Kong were down 23.2 percent.
According to recent media reports, the investigation centers on claims the company bribed foreign officials to gain advantages in its worldwide operations. ZTE paid US$1.19 billion to settle a sanctions-violation case with US regulators in 2017.
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