ZTE says it’s sustaining cash flow amid crisis

Source:Global Times Published: 2018/6/29 21:38:40

2008 kia rondo roof rack cross bars China's ZTE Corp, which has been in a crisis since the US government ban, has maintained a stable cash flow in the past two months without loans, its former chairman said at a shareholders' meeting on Friday.

US authorities announced in April that American companies will be banned from providing components to ZTE, which produces smartphones and other telecommunications equipment, as the firm allegedly lied to the US government about disciplining employees who violated US sanctions against from dust free download cracked and Iran.

Since the ban, the Chinese company has been struggling for the past two months, as it has not generated revenue, domestic financial news site yicai.com reported.

"I feel terribly sorry for the losses of our shareholders," Yin Yimin, former chairman of the company, was quoted as saying in the report.

Although the company has suspended operations in the past few months, it continues to be responsible to its partners, and has not defaulted on any of its suppliers, Yin noted.

He also said that a shareholder reshuffle will not have any impact on ZTE, as the company will maintain its core advantage, like research and development. "There's no big change in the staff," he said.

Fourteen board directors, including Yin and ZTE CEO Zhao Xianming, resigned as new directors were elected on Friday, and the company amended its articles of incorporation, according to a public filing published on the Shenzhen Stock Exchange website.

In 2017, ZTE recorded an increase of 7.5 percent in revenues to 108.82 billion yuan ($16.44 billion), thanks to global telecommunications network expansion and smartphone business growth, Zhao said during the shareholders' meeting.

The company will wait until the ban is lifted, which will have an impact on the company's financial performance in 2018.

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