In its first major asset sale since the United States ratcheted up accusations of the Chinese firm being a vehicle for espionage, a Huawei Technologies Co. Ltd. buyer's filing showed Monday it plans to sell its undersea telecom cable business.
Hengtong Optic-Electric Co. Ltd, an optical telecommunication network products company based in Jiangsu province, said in the filing to the Shanghai Stock Exchange that it signed a letter of intent with Huawei Technologies subsidiary Huawei Tech Investment Co. Ltd on May 31 to buy its 51 percent stake in Huawei Marine Systems Co. Ltd. via cash and share issuance.
The filing did not disclose a price.
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