It would also ban USA government agencies from purchasing any devices or services from ZTE or Huawei, another major Chinese telecom firm, or using government loans to subsidize any subsidiaries or affiliates of the two companies.
Shares in ZTE Corp. fell 42 percent Tuesday in Hong Kong on their first trading day after the Chinese telecoms equipment maker agreed to pay a $1 billion United States penalty to the USA government and replace its top managers.
According to a Reuters estimate based on company filings and a source with knowledge of the matter, that could result in about 40 senior executives being replaced including its 14-person board, based on its current management structure.
"While the nightmare is now over, ZTE will likely have to deal with many changes", Jeffries said in a research report, adding that it expects significant near-term selling pressure on the company's shares.
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The benchmark Shanghai Composite Index gave up 0.97 per cent, or 30.00 points, to 3,049.80 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.58 per cent, or 27.73 points, to 1,731.43.
The Senate's moves represent a sweeping rebuke of President Donald Trump's push to negotiate a settlement with ZTE, which went against the Commerce Department's initial ban.
As part of the order, ZTE must identify in detail to the Commerce Department all Chinese government ownership and control of ZTE, including public and private shares.
Sen. Cotton explained on Twitter that ZTE has extensive ties with the Chinese Communist Party and a record of doing business with North Korean and Iran.
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The Hong Kong-listed shares of ZTE slid as much as 41% to HK$14.98, their lowest in a year, following a two-month trading suspension, while its Shenzhen shares fell by their 10% limit after it confirmed details of the agreement publicized by the U.S. government on Monday.
The Hang Seng Index fell 1.20 per cent, or 377.91 points, to close at 30,725.15.
The case has become a focus of bargaining talks as Washington and Beijing look to avert a trade war.
The ban forced ZTE to suspend major operations, and trading in its shares in were halted on 17 April.
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Democratic and Republican lawmakers have said they believe ZTE's sales to Iran represent particularly "dangerous" breaches of USA national security.