ZTE delays earnings release following USA export ban
ZTE delays earnings release following USA export ban
Chinese phone maker ZTE is unable to access US components for now
19 April, 2018, 10:42
The Department of Commerce said that it has now determined the Chinese vendor made false statements to the DOC's Bureau of Industry and Security (BIS) in 2016, during settlement negotiations, and 2017, during the probationary period, related to senior employee disciplinary actions the company said it was taking or had already taken.
It announced the delay as components makers, wireless carriers, retailers, telecommunications firms and Alphabet Inc'sGoogle, developer of the Android operating system, sought to clarify how they will be affected by the order, announced on Monday by the U.S. Commerce Department. Regardless, it's not looking good for ZTE in the Android world...
The government's order, which goes into effect immediately, will ban American firms from exporting components directly to ZTE or through a third country until March 13, 2025. ZTE shipped 46.4 million smartphones a year ago, placing it seventh among Android-based manufacturers, according to research firm IHS Markit. The proposed ban may also include software licensing that could bar ZTE from installing Android OS onto phones produced that comply with hardware export restrictions.
But Jefferies also said it expected ZTE would be able to settle with USA authorities in three to five months.
ZTE and Google have been discussing the impact of the ban, a source familiar with those discussions told Reuters on Tuesday.
ZTE has extensive trade and investment cooperation with hundreds of USA companies, creating tens of thousands of jobs in the United States, the spokesperson said.
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A 2016 report released by a Chinese regime-affiliated think tank-which has resurfaced in recent days due to the news of the USA ban-reveals just how troubling the situation will be for ZTE.
"ZTE made false statements to the USA government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation", Secretary of Commerce Wilbur Ross said in a statement.
In March 2016, before ZTE settled the federal court case, the company was reeling from the repercussions of a temporary US ban on exporting tech parts to ZTE, a punishment for the sanctions violations.
The report concluded that any US sanctions would have a "destructive impact" on ZTE, and that without any USA suppliers, ZTE would only be able to rely on its own stock of chips. "Many banks and companies even outside the US are not going to want to deal with them", said Eric Hirschhorn, a former USA undersecretary of commerce who was heavily involved in the case.
ZTE has sold handset devices to USA mobile carriers AT&T Inc, T-Mobile US Inc and Sprint Corp.
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