AFP, Beijing :
The founder of embattled tech giant Huawei said Thursday that the firm’s financing from western banks was not “very smooth”, but insisted the group would resume growth in 2022 despite biting US sanctions.
Amid a broad trade war with Beijing, Washington added the Chinese tech giant to a commerce department “blacklist” in May, imperilling the firm’s access to critical US components and software.
Speaking at a panel discussion organised by the company at its headquarters in Shenzhen, southern China, CEO and founder Ren Zhengfei admitted the US sanctions had affected Huawei’s financing.
“In the past we used to get financing from western banks, now the western bank financing pipeline has slowly been not so smooth,” Ren said.
“So we’ve changed to trying domestic banks,” he told the audience.
Huawei planned to raise up to 30 billion yuan ($4 billion) in its first domestic bond issues, Chinese business news magazine Caixin reported earlier this month.
Ren said Thursday he was not sure of the precise figure.
The tech giant is the world leader in high-speed 5G mobile communications equipment and a top smartphone producer.
The firm is ramping up production of its 5G base stations, Ren said.
The founder of embattled tech giant Huawei said Thursday that the firm’s financing from western banks was not “very smooth”, but insisted the group would resume growth in 2022 despite biting US sanctions.
Amid a broad trade war with Beijing, Washington added the Chinese tech giant to a commerce department “blacklist” in May, imperilling the firm’s access to critical US components and software.
Speaking at a panel discussion organised by the company at its headquarters in Shenzhen, southern China, CEO and founder Ren Zhengfei admitted the US sanctions had affected Huawei’s financing.
“In the past we used to get financing from western banks, now the western bank financing pipeline has slowly been not so smooth,” Ren said.
“So we’ve changed to trying domestic banks,” he told the audience.
Huawei planned to raise up to 30 billion yuan ($4 billion) in its first domestic bond issues, Chinese business news magazine Caixin reported earlier this month.
Ren said Thursday he was not sure of the precise figure.
The tech giant is the world leader in high-speed 5G mobile communications equipment and a top smartphone producer.
The firm is ramping up production of its 5G base stations, Ren said.
