Huawei suppliers extend losses as fears deepen over arrest of CFO Meng Wanzhou

The European Union's (EU) technology chief said the EU should be worried about Huawei and other Chinese technology companies because of the risk they pose to the bloc's industry and security.
The European Union's (EU) technology chief said the EU should be worried about Huawei and other Chinese technology companies because of the risk they pose to the bloc's industry and security.PHOTO: AFP

BENGALURU (REUTERS) - Shares of Huawei suppliers extended losses on Monday (Dec 10) as worries deepen over the arrest of Huawei Technologies Co Ltd's chief financial officer (CFO).

Meng Wanzhou, who is also the daughter of the founder of Huawei, faces US accusations that she covered up her company's links to a firm that tried to sell equipment to Iran despite sanctions, a Canadian prosecutor said on Friday.

Hong Kong-listed AAC Technologies Holdings and BYD Electronic International Co Ltd both dropped more than 3 per cent.

On the mainland, O-Film Tech, AVIC Jonhon Optronic Technology, Luxshare Precision Industry , BOE Technology and SF Holding Co Ltd posted losses in range of 1-4 per cent.

In Taiwan, shares of Hon Hai Precision, MediaTek Inc and Taiwan Semiconductor Manufacturing Co Ltd were all down about 1 per cent.

Hong Kong shares of China's No 2 telecom equipment maker ZTE Corp lost more than 2 per cent, while ZTE's Shenzhen shares fell over 1 per cent.

ZTE's Shenzhen shares had tumbled nearly 70 per cent at one point this year before recovering some ground as the US imposed an export ban that threatened to put it out of business.

 

Echoing concerns raised elsewhere in the world, the EU's technology chief said the European Union should be worried about Huawei and other Chinese technology companies because of the risk they pose to the bloc's industry and security.