ZTE announced on May 23 that due to the activation of the refusal order by the US Department of Commerce's Bureau of Industry and Security (hereinafter referred to as "BIS"), the company's A shares will be suspended from trading on April 17, 2018 and will remain suspended.
On the same day, ZTE also announced the increase in holdings of controlling shareholders and received the notice from controlling shareholder Zhongxingxin. From May 24, 2017 to June 15, 2017, Zhongxingxin passed the Shenzhen-Hong Kong stock market trading interconnection mechanism. The company increased its holdings of the company's H shares by 2.038 million shares, accounting for 0.27% of the total H shares of the company as of the date of the announcement, accounting for approximately 0.049% of the total shares of the company as of the date of the announcement. After the above increase, ZTE New Holding a total of 1,271.9 million shares of the company (including 1.269 billion A shares, holding 2.038 million H shares), accounting for about 30.34% of the company's total shares as of the date of the announcement.
Earlier reports said that China and the United States reached an agreement on the general path to resolve ZTE's problems, and relevant details were still being finalized. Once an agreement was reached, the Trump administration would lift the ban on ZTE's purchase of products from US companies.
On May 22, at the regular press conference of the Ministry of Foreign Affairs, spokesman Lu Hao said in response to a reporter's question about ZTE, after the China-US consultation on economic and trade issues in Washington, the two sides issued a joint statement. China and the United States have reached important consensus. The two sides will hold consultations on how to implement the details. The US will send high-level delegations to China in specific areas to conduct specific consultations.
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