ZTE is ending “major operating activities,” the company announced today, as its conditions worsen under a US ban on exports to the Chinese phone maker. ZTE says in a filing that it has enough cash to stay afloat while pausing operations for the time being. While the news doesn’t mean ZTE is completely dead, things aren’t looking good for the phone maker.
The company says it’s in talks with the US about how to reverse or modify the Department of Commerce’s April decision to ban exports and “forget a positive outcome in the development of matters.” American companies like Dolby and Qualcomm can’t export parts to ZTE for up to seven years.Read more
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