Friday Tech Briefing: Huawei Assures Suppliers It’s Business as Usual
Chinese telecom giant Huawei Technologies Co. wrote a letter to suppliers Thursday night, saying the company is ‘interdependent’ with suppliers and assuring them it will maintain its business relationship following the arrest in Canada of its CFO.
“We believe that the U.S. government pressuring a commercial business through various measures is a violation from the spirit of free economy and fair competition,” Huawei said. “However, we will not change our partnership with global supply chain partners because of the unreasonableness of the U.S. government.”
China has issued licenses to the country's ‘big three’ telecom carriers, China Mobile, China Unicom and China Telecom, to use low-and medium-band spectra for the construction of 5G trial networks, the Ministry of Industry and Information Technology said Thursday.
China Mobile obtained licenses for the 2.6GHz and 4.9GHz spectra while China Telecom and China Unicom both obtained 3.5GHz licenses.
According to one industry expert, 3.5GHz is a global 5G standard as it is compatible with all 5G devices, while other spectra are hard to develop. China Mobile was given the non-standard spectra as it is stronger financially. (Caixin, link in Chinese)
Tencent-backed online fashion marketplace Mogu Inc. has raised $66.5 million in an offering of 4.75 million American Depositary Shares at $14 each. Its share price plunged 15% at market open but managed to recover and return to $14 a share by close.
MOGU’s gross merchandise volume hit 7.9 billion yuan ($1.15) in the first half of the year starting March 1. A much as 30% of this was generated from its WeChat mini program. During the same period, the company had 489 million yuan in revenue, but it made a 303 million yuan loss. (Caixin, link in Chinese)
Hemorrhaging Chinese internet company LeEco announced Thursday it can’t repay its debt to real estate giant Sunac China Holdings Ltd., which totaled 3.26 billion yuan ($473.55 million).
If it fails to repay the debt, Sunac will obtain more shares of LeTV, and become its controlling shareholder. According to LeEco’s Q3 earnings, LeTV suffered a loss of 313 million yuan in the first nine months of 2018. LeTV had assets totaling 6.73 billion yuan and debt totaling 8.93 billion yuan. (Caixin, link in Chinese)
Tesla Inc. will start partial production in China in the second half of next year, the city of Shanghai said.
The plant, dubbed Gigafactory 3, will be the biggest-ever foreign manufacturing project in Shanghai. (Caixin)
Complied by Bonnie Wang
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