Caixin
Jan 30, 2019 06:36 PM
YOUR BRIEFING

Wednesday Tech Briefing: Huawei CFO’s Court Hearing Postponed One Month

1. Canada Court Pushes Back Next Huawei Hearing Pending Extradition Decision

Meng Wanzhou, the chief financial officer of Huawei Technologies Co. Ltd., who is sought by the U.S. on fraud allegations, will return to court in Vancouver, British Columbia, on March 6 as Canada weighs its response to a U.S. request to extradite the Chinese executive.

Canadian Justice Minister David Lametti has until March 1 to make a decision on whether to approve extradition proceedings against Meng, the Supreme Court of British Columbia heard Tuesday.

Meng was previously scheduled to return to court on Feb. 6, according to a court order at her bail hearing in December. Meng’s lawyers and the prosecution made a joint request for a date change Tuesday, citing the need to wait for the justice minister to make a decision regarding the U.S. extradition request. (Caixin)

2. Industry Minister Calls U.S. Ban on Jinhua ‘Untenable’

China’s industry minister criticized the U.S. trade ban on Chinese chipmaker Fujian Jinhua Integrated Circuit Co. Ltd. as “untenable,” shortly after the company said it will appeal U.S. sanctions.

The U.S. sanctions against Jinhua “generalized the concept of national security” to “abuse export control measures,” Miao Wei, minister of industry and information technology, said Tuesday at a regular press briefing.

In October, the U.S. Commerce Department put Jinhua on an export control list. The department accused the company of producing products whose technology most likely originated from the U.S., threatening the long-term economic viability of domestic suppliers to the country’s military. (Caixin)

3. Apple’s China Revenue Drops 27%

Apple Inc. saw its China revenue decline significantly in the three months ending Dec. 29, dropping 27% to $13.17 billion. This was the biggest drop of any region.

Early this month, Apple CEO Tim Cook sent out a letter lowering the company’s revenue outlook for the quarter, the first of the current fiscal year, citing fewer-than-expected consumer upgrades to new iPhones, China’s economic slowdown, and supply-chain issues affecting some of Apple’s newer products. (Caixin, link in Chinese)

4. Huawei Steps Into Smart TV Market

Embattled Chinese telecom-equipment maker Huawei Technologies Co. Ltd. is planning a foray into the smart TV market this year, several sources close to the company told Caixin.

A TV model under Huawei sub-brand Honor is likely to be released in the second quarter this year, one person said. The company declined to comment.

Analysts said Huawei is pursuing the TV business as part of its strategy to combine next-generation 5G telecom technology with artificial intelligence and connect everything with the internet. (Caixin)

5. Electric-Car Maker Byton to Restructure Management Team

Byton Inc., a Nanjing-based electric-car maker started by former BMW AG executives, announced it is restructuring its management team. In its new structure, it will have no president; ex-CEO Carsten Breitfeld will be chairman; and ex-president Daniel Kirchert will be the new CEO.

Byton plans to launch its first product, an SUV called M-Byte, at the end of 2019. The company raised $500 million in its series-B funding in June, with the main investor being the state-owned carmaker China FAW Group. (PingWest, link in Chinese)

Compiled by Wang Luyao

Contact editor Joshua Dummer (joshuadummer@caixin.com)

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