One of the leading Chinese smartphone makers, ZTE, is shutting down global operations in the face of crippling sanctions levied by the US government. ZTE is China's number-two smartphone maker, and as recently as last year it was the number-four smartphone vendor in the US.
"The major operating activities of the Company have ceased," ZTE wrote (PDF) in a Wednesday announcement to stock market traders in Hong Kong.
ZTE's business became untenable after a US government order banned American companies from exporting technology to the Chinese smartphone maker. ZTE is heavily dependent on US-made components, especially Qualcomm chips and Google's Android software stack.