One of China’s tech giants, Huawei, has expanded its commodities market by establishing a commodities-hedging team in Hong Kong and Singapore.
This move aims to improve the company’s trading capabilities and risk management regarding metals and energy products.
Huawei’s Strategic Move to Hong Kong, Singapore
One of the few recent developments in the company involved recruiting new talents for its commodities team. This was revealed on the firm’s LinkedIn page a month back, stating the need for individuals in Singapore who possessed the skills of a commodity market analyst and trader.
The positions attracted substantial interest during the recruitment period. However, they’re no longer available for application as they’re already filled. Besides this post, the company’s interest in commodities was also vivid earlier this year when it requested the services of professionals in the metals sector.
At the time, it advertised the positions of a metals research specialist and metals hedging specialist, highlighting its commitment to raising expertise in this field. But amid these developments, the company has been silent about the progress of the commodities team and its recruitment plans.
This silence has raised speculations about the firm’s future moves in this sector, particularly from sources. Meanwhile, the commodities team is poised to collaborate closely with Huawei’s existing teams in China and Hong Kong.
Their primary focus will be to bolster the company’s metals hedging, research, and risk management capabilities. Specifically, they will target battery, nonferrous, and ferrous metals, as indicated in the LinkedIn postings.
A Brief Look into Huawei’s Commodities Team and the Huawei Cloud
The commodities team comprises five members and was launched earlier this year. According to an undisclosed source with direct knowledge, Huawei is considering expanding its commodities team further.
The company may hire up to four additional professionals in Singapore and Hong Kong, solidifying its presence in these key financial and trading hubs.
One of the team’s core objectives is to protect Huawei’s exposure to fluctuations in the prices of raw materials. This includes a broad collection of commodities, energy products, and ferrous metals, such as base metals and lithium.
Given the sensitive nature of these activities, the source emphasized the need for discretion, underscoring that these matters are not meant for public discussion. The commodities team is diligently formulating hedging proposals and trading plans in line with its objectives.
Aside from these achievements, Huawei Cloud announced the launch of the Huawei Cloud Riyadh Region three weeks ago at the Huawei Cloud Summit in Saudi Arabia. This strategic move will position the Saudi Arabia Region as the main point for Huawei Cloud’s services in the Middle East, Central Asia, and Africa.
A few advantages of the move include a range of innovative, reliable, secure, and sustainable cloud solutions. Primarily, this achievement highlights the Huawei Cloud’s unwavering commitment to assisting Saudi Arabia’s Vision 2030.
It aligns with the nation’s major technological, innovation, and leadership goals.
Read the full article here