ZTCOF - Nokia wins first China 5G contract

xijian/E+ via Getty Images Nokia ([[NOK]] -2.3%) announced today that it won a 10% share in one of China's three new 5G contracts. Nokia received about 4% of the total $6B tender for a total of $240M. As expected, Chinese companies Huawei and ZTE ([[ZTCOF]] +5.4%) were given the majority of the 5G contracts. Swedish rival Ericcson ([[ERIC]] -1.9%) saw its share in China's 5G Network development fall to 2% from 11%, in line with guidance, in retaliation for Sweden's clampdown on China's Huawei and ZTE. China has been ahead of other countries in building the infrastructure for their 5G networks. Just today, Nokia was also selected by Taiwan Star Telecom to extend its 5G network in Taiwan.

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Nokia wins first China 5G contract