US Reportedly Investigating Alleged Iran Sanctions Violations By China's Huawei

The ZTE Axon

Earlier this year, things escalated when carriers and, later, retailers pulled out from partnerships with Huawei, refusing to sell its smartphones.

NeoPhotonics provides component products to certain ZTE supply chain partners, which are estimated to account for approximately 3 percent of its total revenue in 2017, according to the statement.

Investors are getting anxious regarding Chinese tech stocks following the announcement of a USA ban on ZTE and slowing smartphone sales, with big firms such as Lenovo faring poorly on the markets.

ZTE has objected to the imposition of a seven-year ban on importing any USA components as part of the ongoing fallout over allegations that the company violated U.S. sanctions by selling equipment with United States components to Iran and North Korea.

On April 19, China's Ministry of Commerce (MOC) said that the USA action against ZTE will damage itself.

In a separate case, Washington barred ZTE Corp., another Chinese tech company, from exporting USA technology in a case over exports to Iran and North Korea. Intel Corp, the largest maker of semiconductor chips, is ZTE's largest supplier, followed by Micron in third place and Broadcom in fifth place.

It was reported on Wednesday from the sources that the U.S. Department of Justice is investigating if Chinese tech company Huawei Technologies Co has also violated U.S. sanctions in relation to Iran.

Another employee from Huawei also explained to NBD reporters that, due to a lack of evidence, the Justice Department's investigation will only have limited influence.

Huawei spokesman Charles Zinkowski said in a statement that the company "complies with all applicable laws and regulations where it operates, including the applicable export control and sanction laws and regulations of the United Nations, U.S., and European Union".

Around 40 Chinese mutual funds have adjusted the valuation of ZTE in their portfolios since it suspended trading. It started years ago with the accusation that the Chinese government uses companies like Huawei and ZTE to spy on other countries like the US. An outright export ban is also improbable, and any punitive measure will have less of an impact on Huawei than on ZTE, said Shaun Rein, managing director of China Market Research Group.

ZTE "is making active communications with relevant parties and seeking a solution to the U.S. export denial order", it added in the statement. -China trade war, the person said.

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