For those who came in late, Huawei was put on an export blacklist by former US President Donald Trump in 2019 and barred from accessing critical technology of US origin, affecting its ability to design its own chips and source components from outside vendors.

Huawei has repeatedly denied it poses a security risk and the US has never actually provided proof.

Chairman Ken Hu said at industry event Mobile World Congress Shanghai that it had been an uncertain year because of the scantions

“Operations were relatively stable and in line with our guidance, registering slight growth in revenue and profit.”

China has so far spent more than $40.27 billion in building its 5G network, an official with the Ministry of Information and Information Technology said on Tuesday.

Huawei unveiled its new 5G Mate X2 foldable phone, which will use the company’s proprietary Kirin processor.

Though with the cheapest model starting at $2,788, the phone is not positioned to challenge the mainstream phone market.

Huawei set up 50,000 5G base stations in Indonesia, Hu said, adding that it plans to build 2,000 base stations in remote regions of Ghana.

The company is expected to post its full year results in March, a spokesman said.