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China’s Huawei Starts Taking Pre-orders for Mate 70 Smartphone

A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. (Reuters)
A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. (Reuters)
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China’s Huawei Starts Taking Pre-orders for Mate 70 Smartphone

A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. (Reuters)
A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. (Reuters)

China's Huawei Technologies on Monday announced that it had started taking pre-orders for its Mate 70 smartphone model, in a statement on its official WeChat account.

It will also hold an event for the Mate brand on Nov. 26, it said in a separate statement, where it is expected to unveil its latest smartphone line-up.

The company's online store on Monday started allowing users to reserve the Mate 70 and two pro versions without requiring a deposit. The website did not disclose prices.

Huawei returned to the 5G premium smartphone market last year with its Mate 60 phones that have domestically produced semiconductors.

The phones have been celebrated in China as a triumph over US sanctions that have, since 2019, prevented the company from accessing advanced US chips and other technology.

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Samsung Electronics Plans $7.2 Bln Buyback after Share Price Plunges

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
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Samsung Electronics Plans $7.2 Bln Buyback after Share Price Plunges

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic

Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week.
It is the first time Samsung Electronics has decided to buy back shares since 2017.
Of the total, three trillion won worth of shares, or 50.14 million common shares and 6.91 million preferred shares, will be repurchased in the next three months and cancelled, Samsung said after the market closed on Friday.
The board of directors will decide on ways to enhance shareholder value, including when and how to use the remaining seven trillion in the repurchase programme, Reuters quoted it as saying in a statement.
In the short term, the decision would likely help Samsung's share performance, but the company needs concrete business plans to better support its share performance, analysts said.
The world's top memory chip maker last month apologised for a disappointing quarterly profit, as it lagged rivals in supplying artificial intelligence chips to Nvidia. Samsung was the worst performing stock among major global chipmakers, also hurt by President-elect Donald Trump's threat to levy tariffs on imports that would hit demand for electronics products.
"It is a reflection that Samsung feels a sense of crisis due to the sharp stock drops," said Park Ju-gun, head of corporate analysis firm Leaders Index.
Park said the share buyback may intend to bolster depressed stock prices for Samsung shareholders including Chairman Jay Y. Lee's family members, who have put up some of their Samsung stocks as collateral to help pay inheritance taxes, as recent plunges threaten to trigger a margin call - a request for more collateral from banks for Lee's mother and his two sisters.
Shares of Samsung Electronics rose 7.2% on Friday, their biggest daily jump since March 2020 and rebounding from their lowest level since mid-June 2020. They were still down 32% year-to-date.