Exclusive: Alibaba, China Mobile weigh $443 million investment in blacklisted Dahua - sources

  • 📰 Reuters
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Alibaba Group Holding Ltd and China Mobile Communications Group Co Ltd [CHNMC.UL] are considering investing 3 billion yuan ($443 million) in Zhejiang Dahua Technology Co Ltd, three people with knowledge of the matter said.

Dahua, China’s second-largest surveillance equipment maker, is among Chinese tech firms that Washington last year placed on a blacklist of companies it said helped Beijing monitor and detain Uighurs and other Muslim minorities. Those blacklisted cannot buy U.S. technology without U.S. government approval.

China Mobile is also negotiating a three-year business agreement with Dahua worth 40 billion yuan, said two of the people, who declined to be identified as the plans are private. The business agreement and investment plan are reported here for the first time. Neither China Mobile nor Alibaba responded to requests for comment. Dahua said it did not have any information on the matter.

China’s smart city market is likely to be worth 25 trillion yuan by 2022 from 7.9 trillion yuan in 2018, showed July data from researcher Qianzhan. The COVID-19 pandemic has added to prospects with demand surging globally for thermal cameras.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: GM explores market for electric 'flying cars': sourcesGeneral Motors Co is exploring options in the aerial taxi market, including whether to build the vehicles known colloquially as 'flying cars,' as part of a push by the U.S. automaker to look for growth in related transportation markets, two people familiar with the... Pass No pls no! People can’t even drive on the road! Let alone up in the air?! Are you guys 🥜 Look quick because the transportation world’s moving ahead of you muni rapido....
Source: Reuters - 🏆 2. / 97 Read more »