ZTE’s Hong Kong-listed shares slide as much as 10 percent


HONG KONG (Reuters) – Shares of Chinese telecommunications giant ZTE Corp fell as much as 10 percent on Friday, continuing a slide that has wiped more than $4 billion off its market value in the past three days.

FILE PHOTO: A woman stands outside a building of ZTE Beijing research and development center in Beijing, China June 13, 2018. REUTERS/Jason Lee

ZTE has proposed a $10.7 billion financing plan and nominated eight board members in a drastic management overhaul, as it seeks to rebuild a business crippled by a U.S. supplier ban.

The Hong Kong-listed stock fell to as low as HK$13.38, while ZTE’s Shenzhen shares fell by their daily 10 percent limit to 22.82 yuan.

Reporting by Anne Marie Roantree and Sijia Jiang; Editing by Edwina Gibbs


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