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school135perm Homepage > Equities > KOREA EXCHANGE > Samsung Electronics Co Ltd 005930 KR7005930003

SAMSUNG ELECTRONICS CO LTD (005930)
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Huawei's China smartphone sales chief detained for suspected bribe-taking

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12/27/2017 | 01:54pm CET
FILE PHOTO: Journalists attend the presentation of the Huawei's new smartphone in Paris

Huawei Technologies, the world's third-largest smartphone maker, said on Wednesday that Chinese police are conducting an investigation, after the China sales head of its smartphone unit was detained on suspicion of accepting bribes.

Huawei, which in recent years has overtaken Apple Inc (>> Apple) and others to take the top share of China's smartphone market but is now under pressure from fast-growing domestic rivals, declined to disclose details of the case.

"The authorities are investigating the matter, and we defer to their discretion as to what can be disclosed," the company said in e-mailed comments to Reuters when asked about the case.

"We take our business ethics extremely seriously, and have zero tolerance for corrupt behavior." It gave no further comment.

In an internal memo to staff, however, Huawei said Teng Hongfei, the Greater China sales head for its consumer business division, had been detained for "the suspected crime of accepting bribes as a non-state functionary".

Reuters was unable to immediately reach Teng or a representative for comment.

According to his LinkedIn profile, he worked at Samsung Electronics (>> Samsung Electronics Co Ltd) and Nokia (>> Nokia Oyj) before joining Huawei in June 2014.

Since then, Huawei has moved past Samsung, Apple, Xiaomi <IPO-XMGP.HK> and Lenovo Group (>> Lenovo Group Limited) to become China's largest smartphone seller.

But its top spot in the world's biggest smartphone market has come under threat over the past year from competitors such as OPPO and Vivo, and its profits have suffered as a result.

Huawei has a 22.3 percent share of China's smartphone market, followed by OPPO at 21.6 percent, according to third-quarter data from industry tracker IDC.

Founded by Ren Zhengfei, a former People's Liberation Army officer, Huawei has more than 180,000 employees and has taken a number of high-profile actions in recent years to counter corruption.

In January, Ren held a vow-taking ceremony with senior managers who swore not to engage in corruption, and in 2014 an internal inspection found 116 employees in violation of its anti-corruption policies.

(Reporting by Sijia Jiang; Editing by Adam Jourdan and Edmund Klamann)

By Sijia Jiang

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Financials ( KRW)
Sales 2017 240 529 B
EBIT 2017 54 293 B
Net income 2017 40 940 B
Finance 2017 63 073 B
Yield 2017 1,41%
P/E ratio 2017 8,16
P/E ratio 2018 6,74
EV / Sales 2017 1,20x
EV / Sales 2018 0,99x
Capitalization 350 920 B
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 40
Average target price 3 444 297 KRW
Spread / Average Target 41%
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NameTitle
Hyun-Suk Kim Co-President & Co-Chief Executive Officer
Dongjin Koh Co-President & Co-Chief Executive Officer
Kinam Kim Vice Chairman, President & Co-CEO
Hee-Chan Roh Chief Financial Officer
Jae-Yong Lee Director
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