The company said in a Wednesday investor note that, as a result of the USA "denial order, the major operating activities of the company have ceased". They did say that they are able to maintain "sufficient cash" and strictly adhere to their commercial obligations despite the fact that they are ceasing "major operating activities".
Chinese electronics giant ZTE Corp. announced Wednesday that it has ceased major operating activities in the USA following a seven-year ban that forbids US companies from supplying ZTE with components.
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Last week ZTE appealed to the US Commerce Department for the ban to be suspended, providing additional information on request. In the meantime, ZTE will continue to get supply of components from Taiwanese semiconductor company MediaTek. As of the third quarter of 2017, ZTE had a 12 percent market share for smartphones in the United States.
"US officials are targeting ZTE primarily out of law enforcement motivations", said Eurasia Group's Paul Triolo.
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The issue settled there but last month the Trump administration accused ZTE of lying because, as promised, the company didn't punish its employees who violated the sanctions and majority of the employees received full bonuses.
The company had immediately halted nearly all of its operations both overseas and at home after the denial order came into effect on April 15, because the ban, which could be interpreted as touching wide-ranging aspects of the company's operations, according to people familiar with the company's operations. The company admitted to the accusations in March 2017 and settled the case by paying a fine of almost $900 million. ZTE was found guilty of selling goods to Iran North Korea, both countries that are heavily embargoed by the U.S. That, joined with the existing ban on doing business with companies like Intel and Qualcomm, has threatened ZTE's future.
Last week, Chinese mediator while addressing related trade talks with the USA correspondents in Beijing asked the United States to heed ZTE's plea, and take into consideration the company's attempts to modify the ban and advance its compliance.
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USA officials have said the action against ZTE was not related to trade policy, but the move has been seen by many in China as part of the broader trade spat playing out between the world's two biggest economies.