HK Stock Market Move | ZTE Corporation (00763) falls over 8%, news indicates it may pay over $1 billion to the United States to settle overseas bribery charges.

ZTE Corporation (00763) fell by more than 8%, dropping by 7.71% to HK$29.2 as of the time of this report, with a trading volume of HK$1.084 billion. On the news front, according to reports cited by Sina Hong Kong stocks, ZTE Corporation may have to pay the U.S. government over $1 billion, and possibly as much as $2 billion or more, to settle allegations of overseas bribery. It is worth noting that as of the time of this report, this news has not been officially confirmed. In addition, the Douyin AI phone, a collaboration between ZTE Corporation and ByteDance, has been speculated to be selling for as high as HK$36,000 in the secondary market, but has faced resistance from mainstream apps such as WeChat and Alipay. According to reports from Securities Times, as the Douyin AI phone faces restrictions from multiple mainstream apps, the premiums have seen a significant decline. Experts have stated that the "system-wide AI Agent" capabilities represented by the Douyin phone assistant are challenging the core interests of super applications such as WeChat and Taobao in areas such as advertising exposure and content distribution.