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

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

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

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,…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2019-06-03T08:00:40+00:00 June 3rd, 2019|Technology|Comments Off on Huawei to sell 51pc stake in undersea cable business after US trade blacklist