Reports: ZTE claims production back to normal

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Production at China's ZTE Corp is back to normal after the lifting of a US ban and its carrier network business will return to a standard growth track in 2019, said the Securities Times, quoting the firm's newly elected executives.

"As of today, the main operating business has resumed completely. The production mission for August has resumed to normal and R&D is resuming rapidly," the Securities Times quoted Chairman Li Zixue at a shareholder meeting at the company’s headquarters in Shenzhen on Tuesday.

"We can definitely say the company is still in the front line in the communications industry," the newspaper quoted CEO Xu Ziyang.

"Our orders have been great and are in line with that of July and August last year."

The company hoped to see its network operating business resume a normal growth path in 2019, he added.

ZTE aims to beef up R&D, in particular for key components such as chips, and strengthen ties with third-party chip makers in a bid to control risks, he added.

ZTE's Hong Kong-listed shares were up nearly two percent on Wednesday, outpacing a 0.2-percent gain for the benchmark Hang Seng Index.

The company said it will continue to focus on 5G technology and stay on course with its globalization strategy.

(CGTN's Sun Ye also contributed to the story.)

Source(s): Reuters