Trump lifeline to lift ZTE fortunes

US president instructs officials to give firm 'a way to get back into business'

Suppliers of Chinese telecom equipment maker ZTE Corp saw their stocks surge on Monday after US President Donald Trump said that China and the United States are working to give ZTE "a way to get back into business, fast".

MOBI Development, which gets 46 percent of its revenue from ZTE, climbed as much as 32.2 percent in Hong Kong, its biggest rise since 2013. Another supplier, Zhong Fu Tong, jumped to the 10 percent daily limit on the Shenzhen Stock Exchange. Nextronics Engineering, which earns 20 percent of its revenue from ZTE, gained as much as 8.5 percent in Taipei.