China’s Huawei says market rout won’t hamstring its profit growth, targeted IT revamp

The latest wave of financial market turbulence in China is unlikely to prove a handicap for telecoms giant Huawei Technology as it continues to build momentum in terms of profit, according to a senior executive at the company. 

Excluding Chinese banks, most of the remaining two-thirds of Huawei’s clients hail from overseas in sectors that have maintained steady growth, David He, president of marketing and solution sales for Huawei’s enterprise business group, told the South China Morning Post.

He was speaking at last week’s third annual Global Financial Services Industry Summit in Beijing. 

The company generated sales revenue of 175.9 billion yuan (US$28.3 billion) in the first half of 2015, up 30 per cent year-on-year, according to its recent financial report.

Strong profit channels include cloud computing and storage, “smart” city solutions, finance, education and ISP markets inside and outside China, said Meng Wanzhou, Huawei’s chief financial officer.