Briefing: Huawei becomes biggest private company in China

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Huawei Is Named China’s Biggest Private Firm—Yicai Global

What happened: After earning $88.5 billion in revenue during last year, Huawei was named the biggest private firm in China in a report published by the non-state commerce chamber All-China Federation of Industry and Commerce. The biggest telecommunication equipment manufacturer in the world was listed as first among the top 500 Chinese companies which had combined revenues of $3.6 trillion in 2017, more than 25% higher than the previous year.

Why it’s important: The result shows Huawei is doing well despite efforts to block it from the US, UK and Australian markets on national security grounds. Australia recently barred Huawei from building its 5G network. However, its smartphone business has been growing with the company surpassing Apple and shipping over 30% more devices during the first 6 months of 2018.