ZTE shares rise in wake of US finding

Chinese telecom equipment company ZTE Corp's shares surged on Tuesday after it indicated that the results of the US government's trade-sanction violation investigation would not be as bad as had been expected.

The Shenzhen-based company said it was in discussions with the US authorities on a settlement, which is likely to "include but is not limited to fines and other related obligations under US law".

The announcement, which analysts said was better than investors' expectations, sent ZTE stocks in Hong Kong up 5.42 percent to HK$12.84 ($1.66) on Tuesday. Shenzhen-traded shares of ZTE closed at 15.51 yuan ($2.25), a rise of 1.57 percent.