January 9, 2017 / 2:08 AM / 10 months ago

ZTE shares fall 3.8 pct in Shenzhen after job cut news

HONG KONG, Jan 9 (Reuters) - Shenzhen shares of ZTE Corp fell 3.8 percent after Reuters reported that the Chinese telecom equipment maker is axing about 5 percent of its 60,000 global workforce.

The stock slid to 15.03 yuan, the lowest since Oct. 24, 2016. Its Hong Kong shares fell as much as 3.8 percent.

The Shenzhen-based company, which is facing U.S. trade sanctions that could severely disrupt its supply chain, is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China, according to company sources. (Reporting by Donny Kwok; Editing by Stephen Coates)

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