Li Zixue 李自学, the new chairman of telecom hardware giant ZTE, stood with new CEO Xu Ziyang 徐子阳 at a shareholder meeting in Shenzhen yesterday, and smiled at investors.
Forty-two days after the Trump administration’s lifting of the ban on U.S. companies supplying ZTE, the company’s production is completely back to normal:
- “As of today, the main operating business has resumed completely. The production mission for August has resumed to normal and research and development is resuming rapidly,” said chairman Li, according to Reuters (or see Securities Times in Chinese).
- 5G plans are also proceeding normally, according to ZTE.
- “Our orders have been great and are in line with that of July and August last year,” said Xu. ZTE also said it planned to focus on R&D.
- ZTE reports earnings this Thursday. In July, ZTE said it “expected to report a first-half net loss of 7.0 to 9.0 billion yuan ($1.1 billion to $1.3 billion) versus a profit of 2.3 billion yuan a year earlier.”
- The company’s Hong Kong-listed shares “were up more than 3 percent on Wednesday, outpacing a flat broader market,” according to Reuters.