Investing.com - China’s telecommunications equipment maker ZTE Corp-H (HK:0763) has resumed normal production after lifting a U.S. ban in July, newly appointed chairman Li Zixue said at a shareholder meeting this week.
"As of today, the main operating business has resumed completely. The production mission for August has resumed to normal and R&D is resuming rapidly," Li said at the company's headquarters in Shenzhen on Tuesday.
In April, Washington banned the company from selling its parts in the U.S., citing violation of an agreement to evade U.S. sanctions on Iran and North Korea. The ban was lifted in July after ZTE paid penalties of $1.4 billion, according to reports.
Under the agreement, ZTE was required to appoint a new CEO and chairman while also overhaul its management, on top of paying the fines.
The company is due to report its earnings on Friday in Asia, with analysts predicting losses per share of HK$2.169.