ZTE (HKG:0763) shares soared on Monday morning, after the US lifted a ban on trading that had jeopardised the company’s future.

US President Donald Trump intervened to end the ban, which was imposed in April after ZTE was found to have violated US sanctions against Iran and North Korea.

The company was forced to halt its major operations in the US, taking a serious hit to business and sending shares down nearly 40 percent.

The ban has now been replaced with a $1 billion fine and an additional $400m in a holding account against further violations, the US Commerce Department confirmed on Friday.

“While we lifted the ban on ZTE, the Department will remain vigilant as we closely monitor ZTE’s actions to ensure compliance with all US laws and regulations,” US Commerce Secretary Wilbur Ross said.

ZTE’s Hong Kong-listed shares rose 16 percent on the news, currently at 15.94HKD (0955GMT).