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(Yicai Global) Aug. 9 -- Shares of Shenzhen-based communication equipment provider ZTE suffered a sudden slump in morning trade, even hitting the 10 percent limit down under exchange rules at around 11.00 a.m.
These drops came after the US Trump administration announced a ban on US federal agencies' purchases of equipment and services from several Chinese firms, including Huawei Technologies and ZTE, CNBC reported yesterday. The new rule to take effect on Aug. 13.
Shares of the company [SHE:000063], which revived from a similar plunge after the lifting of an earlier US ban, crawled back after that but stayed 7.08 percent down at CNY28.1 (USD3.99) at the close of the first half. Its Hong Kong-listed branch [HK:0763] also took a blow, plummeting 7.11 percent to HKD20.25 (USD2.58) at 11.30 a.m..
Editor: Ben Armour