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Important news
在线翻译:
szdaily -> Important news -> 
ZTE REACHES SETTLEMENT WITH US, EYES MORE OPPORTUNITIES
    2017-03-09  08:53    Shenzhen Daily

    CHINA’S telecom equipment maker ZTE Corp. said Tuesday that it has reached a settlement with U.S. authorities over U.S. export controls and sanctions charges.

    The Shenzhen-based company has agreed to pay a criminal and civil penalty of about US$892 million and an additional penalty of US$300 million that will be suspended during a seven-year probationary period to deter future violations, ZTE said in a statement posted on its website.

    In order to improve its export control compliance, ZTE has appointed a new CEO and made major changes to the senior management team, according to the statement. It also established a new compliance committee and strengthened export control compliance training and processes.

    The settlement was reached with the U.S. Commerce Department, the Justice Department and the Treasury Department, said the U.S. Commerce Department in a statement Tuesday.

    Chinese Foreign Minister Wang Yi said on the sidelines of the ongoing annual legislative session yesterday that China always opposes unilateral sanctions imposed by foreign governments on Chinese enterprises.

    The U.S. authorities claimed that ZTE and its affiliated entities had illegally shipped telecommunications equipment to certain countries in violation of U.S. regulations.

    The U.S. Commerce Department in March 2016 added ZTE to the Entity List under the Export Administration Regulations. This move made it difficult for ZTE to acquire U.S. products such as chips and software.

    Following the settlement, the Bureau of Industry and Security under the U.S. Commerce Department will recommend that ZTE be removed from the Entity List, ZTE said in the statement.

    Reaching the settlement with U.S. authorities could “secure ZTE a solid foundation to acquire more market opportunities,” said Zhao Xianming, chairman and CEO of ZTE, in the statement.

    ZTE has created strong partnerships with many U.S. suppliers that supported nearly 130,000 high-tech jobs, and it anticipated continued growth and business expansion over the next several years with its innovative leadership in the 5G area, according to Zhao.

    So far, ZTE has 14 offices and six research centers in the United States, with 80 percent of the total 350 staff being Americans.

    ZTE currently holds about 7 percent of the U.S. smartphone market, the fourth-largest after Apple, Samsung and LG.

    ZTE on Tuesday issued its 2016 performance report, showing yearly revenue topping 101.2 billion yuan (US$14.6 billion). Deducting the fines and other losses, the company listed on both the Hong Kong and Shenzhen stock exchanges still secured 5.4 billion yuan in profit in 2016, up 25.82 percent year on year. The company also expects an increase between 21.21 and 31.65 percent in profits in the first quarter of 2017.(Xinhua)

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