July 23, 2018 / 2:24 AM / a year ago

ZTE's HK shares jump 3.8 percent as U.S. lawmakers cut measure from bill

FILE PHOTO: The logo of China's ZTE Corp is seen on the building of ZTE Beijing research and development center in Beijing, China June 13, 2018. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - Shares of China’s ZTE Corp rose as much as 3.8 percent in Hong Kong on Monday after U.S. lawmakers cut measures from a defense bill that would have reinstated sanctions on the telecommunications equipment maker.

The move lifts uncertainty over whether a crippling U.S. supplier ban on ZTE, which was removed by the Commerce Department in mid-July, could be reinstated.

ZTE’s shares climbed to HK$15.20 in early trade. That is still 40 percent lower than its last trading price in April when its shares were suspended for two months.

Reporting by Anne Marie Roantree; Editing by Stephen Coates

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