5 things about China's Huawei after executive's arrest

Jeannie Matthews
December 7, 2018

The drops, which pushed both the Dow and S&P 500 into the red for 2018, came after the arrest of Huawei executive Meng Wanzhou in Canada for extradition to the United States in an investigation into suspected Iran sanctions violations by the telecom giant.

Thus, the arrest of Meng - which apparently had been planned through coordination by both Canadian and USA authorities - was seen by many hawkish Chinese analysts as a sign that the US government does not really intend to suspend aggressive actions against China.

The Chinese embassy in Canada responded to news of Meng's arrest by lodging stern representations against the USA and Canadian governments and calling for her immediate release.

The US since 2016 is investigating whether Huawei Technologies Ltd violated US sanctions against Iran.

David Mulroney, a former Canadian ambassador to China, said US and Canadian business executives could face reprisals in China.

"While there was a brief moment of optimism after the weekend U.S".

Huawei is not the first Chinese telecommunications equipment company to face the ire of U.S. authorities.

An HSBC spokesperson declined to comment.

Meng was arrested in Vancouver on Saturday and is being sought for extradition by the U.S.

USA authorities have been probing Huawei, one of the world's largest makers of telecommunications network equipment, since at least 2016 over allegations that it shipped US -derived tech products to Iran and other countries in violation of USA export and sanctions laws, sources told Reuters in April.

Huawei issued a statement saying Meng, also the company's deputy chairman and the daughter of company founder Ren Zhengfei, was detained while changing flights in Canada, in order to face "unspecified charges" in NY.

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Confirming that China has lodged stern representations the United States and Canada, Geng demanded that Canada "immediately clarify the reasons for this detention, immediately release the detainee, and effectively protect the legitimate rights of the detainee". Under U.S. President Donald Trump and his predecessor, Barack Obama, Washington has pressured European countries and other allies to limit the use of its technology.

HSBC's USA -listed shares HSBC.K initially fell as trading volume rose, dropping as much as 6 percent after Reuters reported the bank's link to the case, and were subsequently down 4.7 percent.

Huawei said in a statement Wednesday it has not been provided many details about Meng's arrest. Chinese technology has been a particular bugbear for the US president, who has justified imposing tariffs on Chinese imports with allegations of intellectual property theft by Chinese companies. In August, Australia banned the company from working on the country's fifth-generation network due to security concerns.

Security concerns recently led BT to bar Huawei equipment from the heart of the 5G network it is rolling out in the UK. It's also making it harder for Chinese firms to invest in USA companies or to buy American technology in such cutting-edge areas as robotics, artificial intelligence and virtual reality.

"That's something we should be watching out for".

The New York Times said the company had been subpoenaed by the US Commerce and Treasury Departments over alleged violations of Iran and North Korea sanctions.

Speaking to reporters in Montreal, Mr Trudeau said his government was told about the arrest a few days beforehand, but it did not play a role.

"We can expect China to retaliate against Canada very vigorously", he said by email. Huawei is by far China's most global technology company, with operations spanning Africa, Europe and Asia.

Canada must be careful not to damage its relationship with China, the report continues.

An editorial in the pro-government Global Times accused the USA of "maliciously finding fault" with Huawei.

Both Huawei and ZTE have not only been barred from use by US government agencies and contractors; they have also been mostly locked out of the American market.

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