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.

Forget About 5G, China Says. We’re Already Developing 6G
Alibaba Sued by Home Appliance Maker Over E-Commerce Marketing
WeChat Pay Eyes Foreign Visitors in Race with Alipay
Tencent Marks Anniversary By Touting Its Tech as Good for Society
Xiaomi Maintains Lead in India Handset Market, but Chinese Rivals Pose Growing Threat
China to Launch Mobile Number Portability Program on Dec. 1
China’s Pork Prices Rose 101% Year-on-Year in October
In Depth: Is the Sharing Economy Bubble Bursting?
After Double 11 Smashes Shopping Records, What Next for China’s E-Commerce Giants?
China ‘Confident’ That Brazil Will Let Huawei Build Its 5G Mobile Network
Gree to Invest $290 Million in Another Chipmaker
China Raises Annual Rare Earths Quotas at Least 10%
Update: Alibaba’s ‘Double 11’ Shopping Gala Reaches New High as Hong Kong IPO Looms
‘Double 11’ Spending Boom Comes at Environmental Cost, Study Warns
Tencent’s Pony Ma Gallops Back Onto List of World’s Best-Performing CEOs
Two More Chinese Firms Downsize U.S. IPOs as Investor Interest Cools
The Sinister Side to China’s Most Successful Rural High School
Bank Regulator Denies Sweeping Plan to Merge of Troubled Small and Midsized Banks
Tencent Eyes U.S. Gamers Through Deeper Ties with Nintendo: Report
Government-Backed Report Points Finger at AI, Foreign Websites for Spreading ‘Misinformation’
China Mulls Further Electric-Car Subsidy Cuts
Caixin Summit: Don’t Abandon Traditional Industries While Encouraging New Technology, Renowned Researcher Says
Alibaba Increases Stake in Cainiao Network to 63% from 51%
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