Stock Track | ZTE Plummets 5.03% Intraday Amid AI Collaboration Setbacks and U.S. Compliance Investigation

Stock Track12-16

ZTE's stock (00763) plummeted 5.03% during Tuesday's intraday trading, reflecting investor concerns over recent developments.

The decline follows setbacks in its collaboration with ByteDance's Doubao Mobile Assistant, which faced security warnings and forced exits from major apps like WeChat and Taobao, prompting adjustments to its AI features. Additionally, ZTE disclosed ongoing communication with the U.S. Department of Justice regarding a compliance investigation under the Foreign Corrupt Practices Act, further weighing on sentiment.

In a bid to stabilize its stock, ZTE announced a share buyback plan worth RMB 1 billion to RMB 1.2 billion, though this failed to offset the negative impact of the aforementioned issues.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment