Thursday, December 16, 2021

U.S. adds Huawei Marine Networks to Entity List

The U.S. Commerce Department’s Bureau of Industry and Security (BIS) added several Chinese companies to its Entity List because of national security and human rights concerns.

The Entity List is a tool utilized by BIS to restrict the export, reexport, and in-country transfer of technology.

Among the newly listed companies are:

  • HMN International Co. (formerly Huawei Marine Networks), 
  • Jiangsu Hengtong Marine Cable Systems Co., a leading supplier of undersea cables, 
  • Jiangsu Hengtong Optic-Electric Co., a leading power and fiber optic cable manufacturer
  • Zhongtian Technology Submarine Cable Co.

Also added to the list were Chinese suppliers of microelectronics, sensing, underwater ROV equipment, including Zhongtian Technology Submarine Cable Co, as well as suppliers of biotechnology equipment from China, Georgia, Malaysia, and Turkey.

  • fhuy In November 2020, Huawei Marine was rebranded as HMN Technologies Co.. This followed Hengtong group completing its 81% shareholding acquisition of Huawei Marine Networks Co., Ltd. The remaining 19% balance was held by New Saxon 2019 Ltd. (UK).

HC2 agrees to sell its 49% interest in Huawei Marine

HC2 Holdings, a diversified holding company, announced that its Marine Services Segment, Global Marine Group has agreed to a sale of its stake in Huawei Marine Networks, its 49% joint venture with Huawei Technologies Co., to Hengtong Optic-Electric Co Ltd (“Hengtong”).  The sale of GMG’s interest values HMN at $285 million, and GMG’s 49% stake at approximately $140 million. Under the agreement, GMG will sell 30% of HMN to Hengtong at closing...

Huawei to sell its stake in subsea business to Hengtong

Huawei Technologies has agreed to sell its 51% stake in Huawei Marine Systems Co Ltd to Hengtong Optic-Electric Co Ltd, a supplier of optical networking products company based in Jiangsu province. The deal was disclosed in a filing by Hengtong to the Shanghai Financial Exchange. Financial terms were not disclosed.  The remaining 49% in Huawei Marine Systems is held by Global Marine. Hengtong is already a leading supplier of submarine power...