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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Hutchison Telecommunications Hong Kong Holdings Limited    215   KYG4672G1064

HUTCHISON TELECOMMUNICATIONS HONG KONG H

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China is using Huawei to drive a wedge in the UK-U.S. special relationship, U.S. senator says

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06/02/2020 | 01:31pm EDT
U.S. Sen. Tom Cotton speaks during a Senate Intelligence Committee nomination hearing for Rep. John Ratcliffe, on Capitol Hill in Washington

China is using telecoms giant Huawei to try to drive a wedge between Britain and the United States, Republican senator Tom Cotton told British lawmakers on Tuesday.

Cotton is one of several members of the U.S. Congress who have sought to put pressure on Britain to reverse its January decision to give China's Huawei a limited role in building Britain's 5G networks.

"It is my hope that the special relationship remains strong although I fear China is attempting to drive a hi-tech wedge between us using Huawei," Cotton told the British parliament's defence committee.

The United States has raised security concerns about Huawei equipment, saying it could be used to steal Western secrets, and has warned that allies that use it in their networks risked being cut off from valuable intelligence sharing. Huawei has repeatedly denied the U.S. allegations.

Huawei Vice President Victor Zhang said: "It's clear that market position, rather than security concerns, is what underpins America's attack on Huawei. The committee was given no evidence to substantiate security allegations."

Britain has said Huawei's involvement will be capped at 35% and it will be excluded from the network's sensitive core.

Last month, the Daily Telegraph newspaper reported that, in the wake of the coronavirus crisis, Prime Minister Boris Johnson had asked officials to plan to reduce China's involvement in British 5G infrastructure to zero by 2023.

"I do hope that as the government refines its decision, that if it doesn't reverse it outright, it will mitigate it and minimise the use of Huawei technology, put it on a shorter time frame," Cotton said.

"I would welcome that decision to go to zero by 2023 and I would urge you to try and do so even sooner."

Since Britain's decision on Huawei, relations between London and Beijing have grown tense over the situation in Hong Kong.

On Tuesday, Britain said Beijing should step back from introducing a national security law in Hong Kong which it said was in breach of the 1984 agreement marking the handover of its former colony to China.

(Reporting by Kylie MacLellan and Jack Stubbs; Editing by Angus MacSwan and Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
5G NETWORKS LIMITED -3.89% 1.235 End-of-day quote.64.67%
AMP LIMITED -0.85% 1.755 End-of-day quote.-8.36%
BT GROUP PLC 0.79% 107.85 Delayed Quote.-44.40%
ERICSSON AB -2.42% 85.48 Delayed Quote.7.41%
HOPE, INC. -3.25% 3575 End-of-day quote.11.02%
HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LIMITED -0.79% 1.25 End-of-day quote.-20.38%
MEMBERS CO., LTD. -3.07% 1387 End-of-day quote.-39.09%
NOKIA OYJ -1.40% 3.6265 Delayed Quote.11.59%
TELEFONICA S.A. -1.84% 4 End-of-day quote.-35.76%
VODAFONE GROUP PLC -2.11% 122.64 Delayed Quote.-14.64%
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Financials
Sales 2020 5 296 M 683 M 683 M
Net income 2020 279 M 36,0 M 36,0 M
Net cash 2020 5 539 M 715 M 715 M
P/E ratio 2020 21,7x
Yield 2020 3,54%
Capitalization 6 024 M 777 M 777 M
EV / Sales 2019
EV / Sales 2020 0,09x
Nbr of Employees 986
Free-Float 25,3%
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Mean consensus HOLD
Number of Analysts 9
Average target price 1,55 HKD
Last Close Price 1,25 HKD
Spread / Highest target 56,0%
Spread / Average Target 24,3%
Spread / Lowest Target 13,6%
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Managers
NameTitle
Sing Fai Koo Chief Executive Officer & Executive Director
Kin Ning Fok Chairman
Yuen Chun Tan Chief Operating Officer
Wai Sin Cheng Chief Financial Officer
Yiu Man Chung Chief Technology Officer