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ZTE plunges around 40% as shares resume trade
Telecommunications equipment maker ZTE fell around 40 percent early in Hong Kong Wednesday trading hours after its shares resumed trade there and in Shenzhen. In a filing, ZTE said it will pay a $1 billion lump sum payment to the U.S. government as part of a settlement agreement, as well as an additional $400 million in escrow. ZTE will also replace its entire board of directors, as well as the board of subsidiary ZTE Kangxun, and create a compliance committee, the company added. The agreement comes after the U.S. government stopped American firms from selling to ZTE earlier this year, based on the company's business ... (full story)