US tech restrictions will be bypassed, says Huawei CEO

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  • “Alternative products” will be produced, CEO says
  • Accusations of improper activity leveled against the US
  • Huawei CFO held in Canada

Huawei Technologies Chief Executive Ren Zhengfei has said that US restrictions on technology will be thwarted by the telecom giant.

His remarks to reporters in Asia indicated that new technology would be used by the controversial company to bypass attempts to restrict its activities.

Speaking to reporters in the southern Chinese city of Shenzhen at Huawei’s own offices, the CEO said: “We will produce alternative products on our own. That is not in the US’ interest.”

According to Nikkei Asian Review, the comments came in response to a question posed by a Nikkei reporter about proposals for a clampdown on US-made tech, including computer chips and other parts. The proposed moves against Huawei and rivals ZTE have led to accusations of improper activity by the US.

Ren said: “Huawei would not become like the ZTE case” and went on to claim that the results of any US restrictions “would not be very big” for Huawei as the company is pursuing the research and development of its own chips.

Last week, US lawmakers introduced the bipartisan Telecommunications Denial Order Enforcement Act, which is aimed at banning the export of items to “Chinese telecommunications companies that are in violation of US export control or sanctions laws.” Various US parts and components could be affected by the act.

In other news, Ren’s daughter, Meng Wanzhou, who is currently Huawei’s Chief Financial Officer, was held by authorities in Canada after US accusations that she was secretly involved in business dealings with Iran.

According to Nikkei, Ren told reporters that his daughter was not in the running to succeed him at the company. “My successor is definitely not going to be Meng Wanzhou,” he was reported as saying.

Ren went further to suggest that his “successor will not be a single person but a group of people.”

Jamie Lissete

Jamie graduated from George Washington University in 1993 with a degree in Political Science. He has Executive Education experience in Valuation from the Amsterdam Institute of Finance, and in Behavioral Finance from Harvard University. Jamie is a candidate for the Certified Alternative Investment Asset Analyst designation, sponsored by the Alternative Investment Management Association Ltd.(AIMA). He joined Rockrimmon Securities as an Options Trader on the American Stock Exchange Floor in 1994. In 1997 he began work as an Independent Trader for his own company and then for RLW Trading, a division of Broadway LLC, in 1998. Jamie then joined Elmwood Capital LLC, a long/short equity hedge fund, in 2001 as the Head Trader. Jamie has traded over 3.5 Billion shares in his personal account over the last 18 years. Jamie’s strategy can be described as momentum with an emphasis on sentiment and investor psychology.


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