US$1b fine reprieve for ZTE

US$1 billion is a hefty sum to pay for a fine but for ZTE, it means getting its business back on track.

It took the intervention of US President Donald Trump and China Premier Xi Jinping to help China’s second-ranked telecom equipment maker to get the ban on buying vital components from US suppliers lifted.

Reuters reported that ZTE Chairman Yin Yimin sent a memo of apology to clients, shareholders and business partners and said the firm would look to learn from its errors and hold those responsible accountable.

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