ZTE drops on report of paying more than $1 billion to US amid bribery allegations

HK shares of ZTE Corp 0763.HK drop 9.8% to HK$28.54, lowest since November 24; set for fifth consecutive session of fall

Stock on track for biggest one-day pct decline since October 30; top pct loser on Hang Seng Composite Index tracking information technology firms .HSCIIT, which is down 0.4%

Shenzhen-listed stock 00063.SZ falls 7.6% to 38.76 yuan, lowest since November 24

Chinese telecom equipment maker may pay more than $1 billion to U.S. government to resolve years-old allegations of foreign bribery, per two people familiar with matter

ZTE, which already paid ~$2 billion in penalties to U.S. authorities over export violations during Donald Trump's first term, has for years faced probes into alleged bribes to secure telecom contracts by authorities globally

Co says it's in ongoing communication with U.S. Department of Justice, and that production, ops remain normal

YTD, HK stock up 17.8%, while Shenzhen-listed shares down 4.03%