XpresSpa Group Inc (XSPA)

[Rule_62]

Here's a laugh

Taken from page 47 of the "Fair Operation" section of ZTE's 2013 Corporate Social Responsibility Report

ZTE Corporation requires its subsidiaries to strictly comply with the local corporate laws, labor laws, investment laws, technology export control laws, customs trade laws, intellectual property laws, and other regulatory requirements, and establish the value concept and brand image of compliance. Continuous compliance management not only safeguards the investment interests of the headquarters, but also expresses concern for the interests and needs of local investment partners, business partners, employees, unions, governments, and market order. ZTE Corporation has made a complete set of sustainable development and management plans. Based on the risk assessment, ZTE selects the subsidiaries with big compliance risks for special compliance rectification every year, to ensure the appropriate governance structure and compliance business conduct.

Seems to me that ZTE has a lot of rectifying ahead of them.

There's lots more, like this little gem of an introductory paragraph at the beginning of the "Fair Operation" section on page 45 . . .

Observing business ethics and abiding by the local laws and regulations are the basic principles for ZTE’s global compliance operations. All ZTE management personnel and employees must strictly comply with the local laws and regulations, industry practices, and standards of ethics. ZTE has zero tolerance towards any illegal act and business ethics violation.