Embattled Chinese telecoms equipment giant Huawei has been given a new license by the Asset Management Association of China meaning it can scout for external capital. The company is trying to secure its supply of semiconductor chips in the face of a US blacklist, reports Reuters. The United States, which alleges that Huawei’s equipment could be used by Beijing for spying, has imposed sanctions on the company that have cut off its supplies of many overseas chips and effectively barred it from building its own.
Habo Investments, set up by Huawei in April 2019, registered with the Asset Management Association of China as a private fund manager on January 14, according to an official record, enabling it to seek investors from outside the company.
The newly-registered fund platform has yet to roll out any products. But with RMB 3 billion ($472.29 million) in registered capital, Habo has closed at least 20 deals for stakes in Chinese tech companies since its establishment, public records showed.
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