ZTE’s stock surged by 17 percent Monday morning after the company was freed from a crippling.
The Chinese telecom escaped the ban’s shadow Friday when the US Department of Commerce announced that the companyin an escrow account, to be held to cover future violations.
The company’s Hong Kong-listed stock opened up 5.5 percent, Reuters reports, and it rose more than 17 percent to 16.12 HK dollars ($2.05) by midday. The stock was 37 percent lower than it was in April, when trading was suspended for two months after the ban, the news gathering service noted.
Its Shenzhen shares rose by their 10 percent daily limit Monday morning.
The US Commerce Department issued the ban in May after the government determined that ZTE violated terms of its 2017 settlement by failing to fire or punish employees involved with illegally shipping US equipment to Iran and North Korea.
The seven-year ban, which shut down major operations and left it unlikely to survive — until President Donald Trump that he wanted the Commerce Department to work with ZTE on getting the ban lifted.
In June, the Commerce Departmentrequiring ZTE to pay a total of $1.7 billion in penalties, including a $1 billion fine and the $400 million escrow deposit — kicking off .