There is great news for fans of China's electronic devices. Huawei has become the most valuable Chinese consumer electronics company, worth 1.1 trillion yuan ($164.3 billion).

Some traders seem not to pay attention to this event whereas its significance for financial markets is high. The importance of this event for China can be evaluated by the fact that Hurun Report has unveiled this news. Huawei Technologies managed to make it to the top spot despite US restrictions that had cut the supply of key components to the Chinese company. Xiaomi took second place on the list with a valuation of $64.65 billion. Phone makers Vivo and Oppo came in third and fourth places with a market value of $26.07 billion and $25.32 billion respectively.

"China’s leading consumer electronics brands are the most recognized Chinese brands in overseas markets, especially Huawei, Xiaomi, Vivo, Oppo, Lenovo, and Transsion, the bestselling phone maker in Africa,” Hurun Report chairman Rupert Hoogewerf pointed out. "After the pandemic, the consumer electronics industry will see great opportunities under the development of 5G," Hoogewerf added. It appears that Huawei has just started its dazzling growth. Maybe in a few years, it will conquer other markets as well.