Shares in ZTE, the Chinese telecoms equipment maker plunged by almost 38 per cent in Hong Kong on Wednesday following an agreement with the US government to pay a $1bn fine and replace its board after it violated sanctions.
The Shenzhen-based company, which resumed trading on Wednesday morning, said in a statement that it had agreed to pay the fine to the US government along with an additional $400m to be held in escrow for if it is caught violating the agreement - confirming comments from US commerce secretary Wilbur Ross made late last week.
ZTE said it had agreed to replace its entire board of directors as well as that of subsidiary Kangxun ZTE and to create special audit committees.
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