TIME.CO, Jakarta – Company that provides cell phone camera parts Ofilm is one of the companies affected by the geopolitical tensions between America and China, especially regarding technology companies Huawei.
Ofilm is the company appointed as supplier Apple in 2017, thus making it progress and grow rapidly in the Chinese stock market. Apple CEO Tim Cook visited Ofilm’s factory in 2017 and praised the company for its innovation.
However, things changed drastically after the US government blacklisted Ofilm in 2020. Additionally, Apple removed Ofilm from its supplier list in 2021 and cut ties with the Chinese camera maker.
“Allegations of using Uighur Muslim forced labor in its factories led to Ofilm being blacklisted and subsequently losing large contracts with global companies,” Gizmochina said.
Announcement
The company survives despite setbacks. Things started to change after Ofilm received help from Huawei. The company is a major contractor for the latest Mate 60 series of smartphones. Optoelectronics is Ofilm’s core product and will account for 72.78% of revenues in 2022.
Huawei is still subject to US trade sanctions, but the surge in demand for the Mate 60 Pro 5G handset has prompted Huawei to increase its smartphone shipment target by 20% in the second half of this year. The increased demand means it is profitable for suppliers like Ofilm.
The news about Ofilm’s contract with Huawei has had a major wake-up effect. In just two weeks after the announcement, shares of Ofilm, listed in Shenzhen, increased by almost 70%. The impressive increase signals a return of investor confidence and confidence in the company’s prospects.
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