Keeping things private

“We’re not a public company. We don’t care so much about beautiful balance sheets”

World Economic Forum in Davos

epa04575079 Ren Zhengfei, Founder and Chief Executive Officer, Huawei Technologies, reacts during a panel session at the 45th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, 22 January 2015. The overarching theme of the Meeting, which takes place from 21 to 24 January, is 'The New Global Context'. EPA/JEAN-CHRISTOPHE BOTT

Huawei founder Ren Zhengfei hosted an impromptu press event in Shenzhen on Monday in which he reiterated that his company had never spied for the Chinese government. He added that he “missed” his daughter (Huawei’s CFO, Meng Wanzhou) who has been detained in Canada for possible extradition to the US but was optimistic that justice would prevail. The privately-held firm, he pointed out, has no outside stockholders (but 97,000 staff are shareholders) and will make revenues of $108.5 billion in 2018, up 21%. Huawei has already signed 30 5G commercial contracts and shipped 25,000 5G base stations, reports the Wall Street Journal.

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