ZTE's stock price plummeted 5.45% during intraday trading on Friday, reflecting significant downward pressure on the communications equipment maker.

The sharp decline was driven by multiple factors, including a broad selloff in the communications equipment sector that dragged down related stocks through industry resonance. Furthermore, JPMorgan continued to reduce its holdings in ZTE H shares, with its position ratio declining, signaling an increasingly cautious stance from foreign institutional investors. The company's fundamental performance also contributed to the pressure, as its first-quarter net profit attributable to shareholders declined significantly year-over-year, maintaining valuation headwinds.