Despite numerous challenges including the US sanctions, Huawei Technologies reported a small improvement in its annual results in 2020. The Chairman of the company, Ken Hu released a statement at Mobile World Congress 2021 earlier today i.e. 23rd February 2021.
Challenges didn’t Stop the Huawei Growth in 2020
The Chinese technology company faced last year “extraordinary problems,” according to reports. Fortunately, its activities remain stable and relationships appear to be positive with its stakeholders. Back in 2019, former US President Donald Trump put the company on an Entity List which restricted access from critical technology made in the US, basically an export blacklist. This hit the brand to develop and even supply smartphones due to the effect on other crucial components supply from vendors for its smartphone and telecom business.
The restriction of Huawei concerned US national security threats, which the company had constantly refused. Recently the CEO of the company, Ren Zhenfei said, we hope to provide a “harbor an open policy” from the Biden administration, particularly to encourage US firms to collaborate with Huawei. The senior management also added that last year, the company also saw good growth and net profit in its business.
China has now invested over 260 billion Yuan (approximately 40.27 billion US Dollars) in the development of a 5G network, and Huawei is one of the largest manufacturers of 5G equipment and supplier. The company is also released its new Mate X2 5G folding handset, using its own Kirin processors, in its home market. The device targets the ultra-high consumer segment and begins with 17,999 yuan (roughly 2,780 US Dollars).
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