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Chinese tech stocks falter amid ZTE decision and smartphone sales concerns

Chinese tech stocks falter amid ZTE decision and smartphone sales concerns

The U.S. Treasury Department's Office of Foreign Assets Control, or OFAC, which enforces sanctions, and the Department of Commerce are also looking into Huawei's transactions.

Last week, the Department of Commerce's Bureau of Industry and Security (BIS) banned American companies from selling telecommunications equipment to ZTE after the firm allegedly did not live up to the terms of an agreement that had been worked out after it illegally shipped telecom equipment to Iran and North Korea.

The investigation comes one month after the agency reached a $430 million settlement with Chinese phone-maker ZTE for also violating USA sanctions with Iran.

The action was sparked by ZTE's violation of an agreement that was reached after it was caught illegally shipping United States goods to Iran. Now, the Wall Street Journal reports the government is taking more direct action against the Chinese technology giant.

Details on specific violations the DOJ's Huawei investigation is probing are not known yet.

In 2016, the Commerce Department made documents public that showed ZTE's misconduct and also revealed how a second company, identified only as F7, had successfully evaded USA export controls. The company already caught the attention of the US government back in 2012 for its rumored ties with the Chinese government. Ciena and Infinera, of course, compete with both Huawei and ZTE in worldwide markets (except China).

Issues and warnings against Huawei have come from presumptions that the company has ties to the Chinese government.

The US has taken a recent stance against Huawei's products.

The sales ban also could disrupt a multibillion-dollar revenue flow to US companies such as Qualcomm Inc. that supply chips, software and other technology. Huawei is now reported to be under investigation by the US Department of Justice for the very same reasons and, considering Huawei's luck, it might get the same verdict as ZTE.

Huawei maintains research and development facilities in Texas, New Jersey, California and four other US states, all of which provide technology for Huawei's global operations.


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