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Home / Business / Huawei's founder says the growth "can be slow but just a little" by US restrictions

Huawei's founder says the growth "can be slow but just a little" by US restrictions



(Reuters) – Huawei Technologies founder and chief executive Ren Zhengfei said on Saturday that the growth of the Chinese technological giant "may be slow, but only a little," due to recent US restrictions.

FILE PHOTO: The Huawei logo is seen on high-resolution startup and high-tech leadership assemblies, Viva Tech, in Paris, May 16, 2019. REUTERS / Charles Platiau

In comment to the Japanese press and reported s.nikkei.com/2VMJSaT by Nikkei Asian Review, Ren pointed out that the Chinese telecom equipment machine has not broken any law.

Huawei's growth is expected to slow, but only slightly, says Ren to the Japanese media in their first official comments following US restrictions, adding that the company's annual revenue growth may undermine 20%.

On Thursday, Washington put Huawei, one of China's largest and most successful companies, on a black blacklist that could make it very difficult for Huawei to do business with US companies, a decision made by China, saying it will take steps to protect their companies.

Developments around Huawei come at a time of trade tensions between Washington and Beijing, and among the concerns of the United States that Huawei's smartphones and networking equipment can be used by China to spy on Americans, claiming that the company has repeatedly refused.

A similar US ban on China's ZTE Corp had nearly crushed the business of the smaller Huawei rival early last year before the edge was lifted.

On Friday, the US Department of Commerce said it could soon limit Huawei's restrictions.

Ren said the company was prepared for such a step and that Huawei would be "fine" even though the US smartphone chipmaker Qualcomm Inc and other US vendors would not sell chips to the company.

Huawei's chip arm HiSilicon said Friday it has long been prepared for the scenario that it could be banned from buying US chips and technology, and can ensure the steady supply of most products.

The Huawei founder said the company would not take instructions from the US government.

"We will not change our management at the request of the United States or accept monitoring as ZTE has done," he said.

In January, US prosecutors revealed a prosecutor accusing the Chinese company of engaging in bank scams for embargoed US goods and services in Iran and moving money out of the country via the international banking system.

Clean daughter, Huawei CFO Meng Wanzhou, was arrested in Canada in December for charges. Meng, who was released on a citizen, remains in Vancouver and fights extradition. She has maintained her innocence.

Ren has previously said that her daughter's arrest was politically motivated.

Reporting by Kanishka Singh in Bengaluru; Editing by James Dalgleish

Our Standards: Thomson Reuters Trust Principles.

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