China's Huawei to sell undersea telecommunications cable business, buyer's exchange filing shows by SijiaJ
FILE PHOTO: Workers sit at the Huawei stand at the Mobile Expo in Bangkok, Thailand, May 31, 2019. REUTERS/Jorge Silva/File Photo
Hengtong Optic-Electric Co Ltd, an optical communication network products company based in Jiangsu province, said in the filing to the Shanghai Stock Exchange that it signed a letter of intent with Huawei Technologies subsidiary Huawei Tech Investment Co Ltd on May 31 to buy the stake via cash and share issuance. It did not mention a price.
The potential sale comes as Huawei Technologies’ main business of selling telecom network equipment and smartphones is under intense global scrutiny as the United States alleges its products pose a security risk. Huawei has denied the allegations. In March, The Wall Street Journal cited U.S. security officials as saying that undersea cables built by Huawei could be vulnerable to espionage by the Chinese state, which the company denied.
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