Caixin
Dec 06, 2018 06:36 PM
YOUR BRIEFING

Thursday Tech Briefing: Huawei CFO Arrested on Suspicion of Violating U.S. Sanctions Against Iran

1. Huawei CFO Arrested in Canada for Allegedly Violating U.S. Sanctions on Iran

Meng Wanzhou, Huawei’s global chief financial officer and the daughter of company founder Ren Zhengfei, was arrested while transiting at an unspecified airport in Canada, the company said in a statement on its website. She was being sought for extradition to the U.S. and for violating U.S. trade sanctions against Iran.

“Huawei has little information about the accusation against Meng and is not aware of any misconduct involving her,” Guo Ping, deputy and rotating chairman of Huawei, wrote on his WeChat account. China’s Ministry of Foreign Affairs spokesperson Shuang Geng said at a regular press conference that the Chinese government has urged the U.S. to release Meng immediately. He also said that the government has urged the U.S. and Canada to give clarification. (Caixin)

2. BT Ripping Huawei Equipment Out of Mobile Unit's Core Network

Britain's BT Group said on Wednesday it was removing Huawei Technologies' equipment from its core 3G and 4G infrastructure and would not use parts provided by the Chinese company as core components of its 5G network.

Previously, New Zealand and Australia stopped telecom operators from using Huawei’s equipment in new 5G networks because they are concerned about possible Chinese government involvement in their communications infrastructure. (Reuters)

3. Warren Buffett-Backed Electric Vehicle Maker Plans Battery Unit IPO

Warren Buffett-backed electric-car maker BYD Co. plans to list its battery business by 2022 to raise funds to expand as the global auto industry transitions away from the traditional combustion engine.

According to Bloomberg, the company hasn’t decided yet where the shares will be trading. BYD makes batteries for automobiles and mobile phones. It isn’t clear yet whether the IPO will be for the car-battery business alone, or will also include other units. (Bloomberg)

4. Didi Announces Reorganization Plan to Address Safety and Compliance

Ride-hailing firm Didi Chuxing has announced a reorganization plan to improve safety and compliance, the latest in a series of attempts to address public and government concerns following the alleged murders of two of its users.

The moves come after Chinese government announced a broad crackdown on China’s ride-hailing industry last week, which targeted Didi with fines. The company also set up two new executive positions charged with enhancing passenger safety (Caixin, link in Chinese)

5. Alibaba to Open First E-Commerce Trade Hub in Europe

Alibaba struck a partnership with the Belgian government on Wednesday to create a trade hub that will help companies in the country sell products abroad.

The move is part of the Electronic World Trade Platform, an initiative first proposed by Alibaba co-founder Jack Ma in 2016 that aims to help small-and-medium-sized enterprises sell products abroad.

The platform already has ventures in Malaysia and Rwanda. This is its first attempt to enter Europe. (CNBC)

6. iPhone Camera Supplier Largan November Revenues Hit Seven-Month Low

Taiwan camera manufacture Largan Precision reported that its November revenues hit a seven-month low of NT$4.008 billion ($130 million), down 28.57% from a year ago. Largan’s stock price plunged 9.64% Thursday morning.

Largan is a major iPhone camera lenses supplier. The decline is attributed to sluggish iPhone sales. (Digitimes)

Complied by Bonnie Wang

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