ZTE shares soar in HK, Shenzhen

Escrow agreement paves way for lifting of seven-year supplier ban

Shares of ZTE Corp surged by 25 percent in Hong Kong on Thursday, after the company signed an agreement with the United States, paving the way for the lifting of a seven-year US supplier ban.

China's second-largest telecom equipment maker's share price skyrocketed to about HK$14 ($1.78), after the US Commerce Department said the ban on ZTE doing business with US companies will be removed once it places $400 million in an escrow account.