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Bloomberg

Huawei Technologies is selling its majority slice of its global submarine cable division, exiting the business of laying undersea piping for the internet just weeks after the Trump administration blocked the Chinese firm from buying American technology.
The corporate parent of Huawei is selling its 51 per cent of Huawei Marine Networks to Hengtong Optic-Electric Co, a Jiangsu-based optical-cable manufacturer, according to a stock exchange filing. The deal is not formalised and subject to change, Hengtong said in the filing.
Hengtong, whose Shanghai-listed shares have been suspended from trade, did not disclose the size of the deal.
A Huawei spokesman declined to comment. Huawei Marine and Hengtong did not immediately reply to calls and emails from Bloomberg News.
Huawei among more than 140 Chinese entities on US trade blacklist
President Donald Trump’s administration has targeted Huawei for months, first encouraging allies to ban the Chinese company’s equipment from their networks and then putting Huawei on an export blacklist that prohibits it from buying American software and components.
Huawei founder and chief executive Ren Zhengfei talked about the possibility of a strategic retreat – for instance by shrinking in scale – after the US Commerce Department blacklisted Huawei and 67 of its affiliates across the world in May.
Huawei Marine, a joint venture between Huawei and British undersea cable firm Global Marine Systems, has drawn scrutiny because of its role in building fundamental internet-connection infrastructure.
The US and Australia, in particular, are said to be concerned about information security, arguing Beijing can take advantage of projects built by Huawei to conduct espionage. Huawei, the world’s largest telecommunications equipment supplier, has repeatedly denied such allegations.
Huawei ban: why Asian countries are shunning Trump’s blacklist despite concerns about China’s influence
Huawei Marine plays a key role in Ren’s ambitions. It is involved in building about 90 undersea cable projects from the Pacific to the Atlantic, laying over 50,000 kilometres of undersea cable, according to an introduction on the company’s website. It also built multiple cable routes from England to the vicinity of Cape Town, South Africa. Other high-profile projects include a cross-Atlantic route that would link Brazil and Cameroon.
Yet the submarine unit is a relatively small business for Huawei, which generates annual sales bigger than Alibaba Group Holding and Tencent Holdings combined. New York-traded Alibaba is the parent company of the South China Morning Post.
Huawei Marine contributed a net profit of 115 million yuan (US$17 million) for its holding company in 2018, according to privately held Huawei’s annual report.


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Huawei

Huawei to sell 51pc stake in undersea cable business after US trade blacklist

Employees walk past a research and development building at Huawei Technologies’ headquarters in Shenzhen, Guangdong province, on May 29, 2019. Photo: Reuters

Huawei ban: why Asian countries are shunning Trump’s blacklist despite concerns about China’s influence

Nations are facing pressure from the US to avoid using Huawei equipment in their 5G networks. Photo: Reuters

Huawei orders employees to cut meetings with US, sends American workers home, Financial Times reports

Huawei employees are seen in Shenzhen on Friday. Photo: Reuters

A man walks past a board showing Huawei University's motto in a training centre at Huawei headquarters in Shenzhen on Friday. Photo: Reuters

Inside Donald Trump’s blacklisting of Huawei: China hardliners prevail in battle between two White House camps

US Trade Representative Robert Lighthizer is flanked by US President Donald Trump and Treasury Secretary Steven Mnuchin (right). Lighthizer and Mnuchin are the lead negotiators in trade talks with China. Photo: Reuters

Treasury Secretary Steven Mnuchin testifies before the House Committee on Financial Services on Capitol Hill in Washington, Wednesday, May 22, 2019. (AP Photo/Carolyn Kaster)

(170314) -- WASHINGTON D.C., March 14, 2017 (Xinhua) -- United States Acting Assistant Secretary of State Susan Thornton speaks at a briefing in Washington D.C. March 13, 2017. The U.S. is pursuing a constructive and results-oriented relationship with China, said Susan Thornton. (Xinhua/Yin Bogu)(gj)

Financial Services and General Government subcommittee Ranking Member Sen. Chris Coons, D-Del., questions Treasury Secretary Steve Mnuchin during a Financial Services and General Government subcommittee hearing, Wednesday May 15, 2019, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

A man stands next to a sign of 5G at the Tencent Global Digital Ecosystem Summit in Kunming, Yunnan province, China May 23, 2019. Picture taken May 23, 2019. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.

Huawei among more than 140 Chinese entities on US trade blacklist

Shoppers visit a Huawei Technologies retail store in Beijing. Photo: AP

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Huawei Marine Networks is a joint venture with Britain’s Global Marine Systems


Huawei Marine Networks, a joint venture with Britain’s Global Marine Systems, lays submarine cable systems that form part of the infrastructure supporting the internet.


China technology

US-China tech war

Internet

Infrastructure