ZTE has been given a reprieve in the export restrictions imposed by the US, until the end of June. Earlier this month the company said the US Department of Commerce was imposing restrictions on US-based vendors exporting products to ZTE in China due to violations by ZTE of sanctions on Iran and other countries. ZTE said the US has now agreed to allow a temporary licence for exports to ZTE, suspending the restrictions until 30 June, while it considers the case further.
The temporary licence is renewable if the US government determines that the company is "timely performing their undertakings to the US Government and otherwise cooperating with the US Government in resolving the matter", ZTE said in a statement. ZTE said it will continue to cooperate with the US government and work to find a final solution to the matter, while strictly complying with US laws and regulations on export restrictions.
The company also plans to review its operations for any potential impact from the US decision and publish its 2015 results as soon as possible. The results were previously delayed from publication due to the case with the US, and ZTE's shares remain suspended in Hong Kong until the results are published.
