STORY: Huawei is hunting for new areas of growth in the face of U.S. sanctions and other challenges.

It’s been on a Washington blacklist since 2019, limiting its once-mighty smartphone business.

On Tuesday (April 26) rotating chairman Ken Hu addressed an annual company summit.

"In past few years, Huawei has been unfairly suppressed and sanctioned and we cannot source some advanced components, making it very difficult to maintain a leading position in some technologies."

Hu says this year looks even tougher than last.

Lockdowns, geopolitics and inflation are all adding to a difficult outlook.

As a result the firm is seeking out new opportunities.

It’s identified cloud computing as one growth area.

Huawei also wants to help other firms to make the most of 5G and find ways to boost their energy efficiency.

Meanwhile the firm faces mounting scrutiny over its presence in Russia.

Two of its British board members quit after Huawei refused to condemn the war in Ukraine.

Executives wouldn’t take any questions on Russia at Tuesday’s summit speech.