Japanese bank Nomura downgraded Chinese telecommunications firm ZTE on Tuesday, saying there would be a temporary slowdown in demand with the shift to 5G equipment not fully picking up. It also warned of a risk of escalation in the conflict between the U.S. and China in the tech sector.
. 5G licenses have been awarded to the three operators, which are now racing to roll out 5G services across China.
The downgrade comes after ZTE reported earnings on Monday that showed its third-quarter net profit jumped by more than four times — rebounding after U.S. sanctions were lifted. Last year, the U.S. banned the company from purchasing parts from American companies after it was caught illegally shipping U.S.-made goods to Iran and North Korea.
But Nomura cited "escalation of the US-China trade conflict in the technology sector" as a key risk ahead.
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