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.
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