Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Singapore-Based E-Commerce Aggregator Una Brands Raises $40 Million for Asia-Pacific Acquisitions
Video Streamer iQiyi Apologizes for Milk Gimmick Gone Sour
Singaporean Ride-Hailing Firm Grab to Launch New Services for Premium Passengers, Pet Owners
TikTok Retains Crown as World’s Top Non-Game App Despite 50% Drop in Downloads
Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Huawei to Sell Undersea Cable Business

By Zhang Erchi, Qin Min and Zhao Runhua / Jun 03, 2019 06:54 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese telecommunications company Huawei is set to sell off its first business unit since the U.S. announced a ban on the company in May.

Shanghai-listed fiber-optic cable maker Hengtong Optic-Electric has signed a letter of intent to purchase a 51% stake of Huawei Marine Systems, Huawei’s undersea telecommunications cable unit, according to a Monday statement by Hengtong.

Hengtong said that no formal contract had been reached so far and that the two parties had yet to reach a price. Huawei told Caixin it was unable to provide further details beyond what was described in Hengtong’s statement.

Huawei’s undersea cable unit mainly operates construction programs with limited added value, and selling it will allow Huawei to focus on more profitable key businesses, independent telecommunications analyst Fu Liang told Caixin.

Huawei may also have been motivated by international concern that the company can use its undersea cables to monitor intercontinental communications, Fu said.

Hengtong, founded in 1991, is a privately owned telecommunication company.

Related: In Depth: How Huawei Prepared for American Sanctions

Share this article
Open WeChat and scan the QR code