Huawei Selling Stake in Undersea-Cable Firm as U.S. Pressure Mounts

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Huawei is selling off its controlling stake in an undersea-cable venture, as the U.S. presses its campaign against the Chinese tech giant

BEIJING—China’s Huawei Technologies Co. plans to sell its majority stake in an undersea-cable venture, in a move that follows a U.S. pressure campaign against Huawei and efforts to block the cable venture’s projects.

Hengtong Optic-Electric Co., one of China’s biggest makers of electric power and optical-fiber networks, said in a filing with the Shanghai Stock Exchange on Monday that it signed a letter of intent Friday to buy the 51% stake in Huawei Marine Systems Co. via cash and share issuance.

 

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