Shenzhen— Huawei Technologies is expected to experience slower 5G business and push further into software in 2021, while hoping its smartphones get a reprieve from US sanctions that in 2020 struck the chip-reliant heart of its group, analysts say.

Limited access to high-end semiconductors means rationing during China’s network upgrade, they said, while the dissection of its mobile arm will send Huawei tumbling down rankings while it continues to develop a proprietary operating system...

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