Huawei Drives $34 Billion China Stock Boom in Rare Hot Trades
- Chipmaker SMIC has climbed about 12% since Mate 60 Pro launch
- Huawei is ‘watershed’ for China confidence: fund manager Cheng
Huawei — whose name is written with characters that can mean “Chinese achievement” — continued to receive solid government backing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Huawei Technologies Co. 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 $34 billion since the launch, defying a selloff in the broader market.