ZTE Says It Is Seeking Solution to U.S. Export Ban

Chinese telecom equipment maker ZTE Corp. is taking steps to comply with a U.S. denial order, the company said in a statement Sunday.

The company is making active communications with relevant parties and is seeking a solution to the issue, the company said in a statement to the Shenzhen Stock Exchange.

The statement came after the U.S. Department of Commerce activated a denial of export privileges against ZTE for alleged violations of the U.S. Export Administration Regulations.

ZTE attaches significant importance to the work on export control compliance, the company said in the statement.

Compliance is regarded as foundation to the company's strategy and condition and bottom-line for the company's operations, it said.

ZTE has established the compliance management committee led directly by the chief executive officer and built a team with global coverage composed of senior export control compliance experts, it said.