responded to the ZTE ban, saying it would take necessary measures to protect the interests of Chinese businesses.
"The company takes the U.S. ban seriously and has immediately set up a crisis team, with every division analysing and coming up with measures to deal with the crisis", Yin said in an internal memo to employees seen by the South China Morning Post.
ZTE halted trading of its shares in Hong Kong and Shenzhen on Tuesday following the announcement of the U.S. ban.
ZTE said in a brief statement Tuesday that it is aware of the U.S. ban.
"I think that there is a risk that ZTE loses all of its non-Chinese Android business", he said.
The commerce Secretary Wilbur Ross said, "Instead of reprimanding ZTE staff and senior management, ZTE rewarded them".
As part of the agreement, Shenzhen-based ZTE promised to dismiss four senior employees and discipline 35 others by either reducing their bonuses or reprimanding them, senior USA officials told Reuters.
In March, ZTE admitted that while it had fired four senior employees, it had not disciplined or reduced bonuses to 35 others. However, shipment delays and lost orders on handsets and transmission equipment are likely to result as the ban impacts the supply of components.
But Jefferies also said it expected ZTE would be able to settle with USA authorities in three to five months. This opened a new beginning to the argument that the foreign governments are exploiting the U.S.
The suspension followed security watchdog National Cyber Security Centre (NCSC) warning telecoms companies in the United Kingdom about the long term threat ZTE pose to the infrastructure of these companies.
The ban on supplying ZTE comes two months after two Republican senators introduced legislation to block the USA government from buying or leasing telecommunications equipment from ZTE or Huawei, citing concern the companies would use their access to spy on US officials.
Yesterday, the Chinese firm was also blacklisted by the UK's National Cyber Security Centre (NCSC). Pittenger is sponsoring legislation that would strengthen the USA national security review process for foreign investments.
Intel, Microsoft, Qualcomm and Micron Technology are also among U.S. suppliers to ZTE, according to data compiled by Bloomberg. Qualcomm declined to comment. ZTE has purchased chips from Qualcomm Inc.
Shares of Finisar Corp. Oclaro Inc, which got 18 percent of its fiscal 2017 revenue from ZTE, lost 14 percent. ZTE already sells both its branded and white-label smartphones via mobile carriers AT&T and Verizon in the US.