“Huawei has been one of the few bright spots, in both the market and as a watershed in boosting people’s confidence on the nation’s outlook,” said Cheng Hao, a fund manager at Zhejiang Feiluo Asset Management Co. While the stock trading shows “signs of speculation, there is real value, and it has potential for the longer run.”
Huawei Technologies has established itself as the corporate symbol of China’s drive for technological self-reliance. Now the unlisted technology company is also sparking the nation’s hottest stock trades.
It started with the late-August debut of its latest smartphone, the Mate 60 Pro, which lured droves of consumers in the midst of a sluggish economic recovery. A retail-fueled equity boom followed, swelling the combined value of 32 Huawei suppliers tracked by Bloomberg by about US$34 billion since the launch, defying a selloff in the broader market.
