HIGHER ON THE LADDER

While companies worldwide grapple with the novel coronavirus disease (COVID-19), Chinese tech giant Huawei has to contend with other challenges as well. Under growing pressure by the U.S. Government, some countries have banned its equipment and now it faces an additional block on its sourcing of chips. But despite the headwinds, the company has maintained dogged progress, which has been acknowledged by the new Fortune Global 500 list.

“Telecommunications giant Huawei leapt from 72nd to 49th place on this year’s Global 500 ranking, breaking into the top 50 for the first time,” the U.S. business magazine said as it announced the 2020 list on August 11. The annual ranking of the top 500 corporations worldwide by revenue noted that Huawei, which held 41 percent share in the smartphone market in China in the first quarter (Q1) of 2020, saw its revenue grow 13.1 percent year on year in the first half (H1), “despite the company’s persistent geopolitical entanglements.”

The rapid