{"id":239793,"date":"2018-04-23T07:23:26","date_gmt":"2018-04-23T05:23:26","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=239793"},"modified":"2018-04-23T07:29:16","modified_gmt":"2018-04-23T05:29:16","slug":"lenovo-drives-china-tech-slump-as-fallout-from-zte-ban-spreads","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/technology\/239793\/lenovo-drives-china-tech-slump-as-fallout-from-zte-ban-spreads\/","title":{"rendered":"Lenovo drives China tech slump as fallout from ZTE ban spreads"},"content":{"rendered":"

Lenovo Group sank to its lowest level since 2009 as a US ban on ZTE Corp undermined sentiment toward China\u2019s technology sector.<\/p>\n

The company\u2019s shares dropped 3.4% in Hong Kong as of 11:50 a.m. local time. The MSCI China Technology Index slipped 0.8%. ZTE shares have been suspended from trading since the US government imposed a seven-year ban on its purchases of crucial American components last week.<\/p>\n

\u201cInvestors are worried about companies that are doing lots of businesses in the US,\u201d said Bocom International analyst Chris Yim. \u201cSo far Lenovo is not affected by the US-China tensions. It is not facing bans like ZTE, but the market is just worried.\u201d<\/p>\n

Bears are targeting Lenovo in particular amid doubts that a company once regarded as a potential challenger to Apple Inc may not be able to revive itself.<\/p>\n

Short interest has surged as a rout in the shares deepened: the stock has fallen more than 70% in the past three years, erasing $13 billion of value. Lenovo said in an email that it doesn\u2019t comment on its share price or speculation.<\/p>\n

Chinese hardware makers are also being squeezed by concern over global smartphone demand following a weaker than expected outlook by Taiwan Semiconductor Manufacturing Co, Apple Inc\u2019s main supplier.<\/p>\n

Luxshare Precision Industry Co and Han\u2019s Laser Technology Industry Group Co plunged more than 7% in Shenzhen trading.<\/p>\n

\"\"<\/a><\/p>\n

\n

Read: What you can expect from future Lenovo devices<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Lenovo Group sank to its lowest level since 2009 as a US ban on ZTE Corp. undermined sentiment toward China\u2019s technology sector.<\/p>\n","protected":false},"author":59,"featured_media":190960,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9878],"tags":[1388],"class_list":["post-239793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-lenovo"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/239793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=239793"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/239793\/revisions"}],"predecessor-version":[{"id":239803,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/239793\/revisions\/239803"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/190960"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=239793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=239793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=239793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}