Company Report: Huawei, ICBC

New faces at technology giant, guarantees for foreign assets at lender

by Nadeem Xu
Company Report: Huawei, ICBC
China’s largest commercial lender to safeguard foreign assets.

(ATF) Ren Zhengfei retires as Director of Shanghai Huawei Technologies: the CEO of Shenzhen-based communication giant Huawei Technologies has withdrawn from the company's board of directors and retired as director of Shanghai Huawei Technologies.

Former Huawei President Sun Yafang has stepped down as the company's legal representative and chairman and was replaced by Tian Xingpu.

According to Sky survey data, Shanghai Huawei Technologies was established in January 2001 with a registered capital of 200 million yuan ($28.41m). 

The company's business includes software development, technical services in the field of communication technology, programme-controlled switches, transmission equipment, data communication equipment, broadband multimedia equipment and wireless communication equipment, all of which are wholly owned by Huawei Technologies.


ICBC to support virus-hit foreign trade, foreign-invested firms: China's Ministry of Commerce (MOC) has inked a memorandum of understanding with the country's biggest commercial lender, the Industrial and Commercial Bank of China (ICBC), to help foreign trade and foreign-invested firms counter the impact of the coronavirus epidemic.

The bank will step up credit support and offer its one-stop cross-border services, which integrate clearing, trading and financing functions, to help firms stabilise their operation while improving efficiency, according to an online announcement on the MOC's website Monday.

Both parties will work together to keep China’s foreign trade and investment steady and to boost economic and social development, the announcement said.