ZTE shares fall sharply on profit warning

ZTE Corp, the mainland's second-largest telecommunications equipment manufacturer, saw a steep drop in its share price after the company projected a massive third-quarter loss.

The Shenzhen-based company's stock fell up to 17.2 per cent in early trading yesterday before finishing at HK$10.56, down 15.8 per cent and its lowest close since September 12.

It marked more bad news for ZTE after a United States congressional panel last week branded the company and Huawei Technologies as security risks in the US, following an 11-month investigation.

via Business feed http://www.scmp.com/business/companies/article/1062076/zte-shares-fall-sharply-profit-warning