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Hou Weigui, 71, Board Chairman of ZTE Corp., at an exhibition hall belonging to his company in Shenzhen, south China's Guangdong Province, on December 13, 2013 (JIN LIANGKUAI) |
Since its establishment, ZTE Corp has developed into the world's fifth-largest telecom equipment supplier by sales. However, the global communication devices tycoon experienced its first loss in 28 years in 2012.
Hou Weigui attributed the loss of 2.8 billion yuan ($460 million) to improper business strategy and the global financial crisis. He noted that the emerging mobile Internet also formed a severe challenge for his business. Hence, he resolutely launched a campaign named "The Second Revolution" to make ZTE Corp more innovative, more market-oriented, and more service-oriented. |