US sanction-hit Chinese tech conglomerate, Huawei Technologies Co. Ltd.’s revenue grew more than 30 percent over the first-half of the year despite a crippling US ban, as the 31-year-old Chinese tech behemoth had been ramping up efforts to foster 5G network development contracts across the globe, a Bloomberg report published on Tuesday, the 23rd of July 2019, had revealed, citing sources with direct knowledge regarding the subject-matter.
Aside from that, Tuesday’s (July 23rd) Bloomberg report had also added that a special permission from USTR (United States Office of Trade Representative), which allowed selected US suppliers to deliver critical supplies to Shenzhen-based Huawei Technologies Co.
Ltd., had kept the Chinese tech company’s production going despite US technology export restrictions. In point of fact, United States put China’s Huawei Technologies on an export blacklist aimed at barring US tech exports over potential national security issue since last May following a premature conclusion of last round of face-to-face Sino-US trade talk, which was widely contemplated as a crippling blow to the world’s No.
1 telco gear manufacturer. Nonetheless, following eighty minutes of high-stake talk between US President Donald Trump and his Chinese counterpart Xi Jinping over the sidelines of latest G20 summit at the Japanese city of Osaka last month, US had reached a trade truce with China and agreed to ease some export bans on Huawei, which eventually had headed off some losses of the Chinese tech tycoon.
Although, Huawei had secured roughly 30 percent revenue growth in first-half of 2019, its sales were down by 39 percent on Q2, 2019, from a quarter earlier amid stiffer US ban, added Tuesday’s (July 23rd) Bloomberg report.
Besides, citing a Huawei spokesman who wished to remain anonymous given the sensitive nature of the issue, the report said that Huawei’s latest growth was almost entirely prodded by a raft of aggressive moves aimed at securing contracts for its fifth-generation networking equipment.