Huawei,nowChina’sbiggesttelecomsequipmentcompany,wassetupin1988andislargelyindependentoftheChinesegovernment。

Asuccessfulbuy-out,whichfollowsthetakeoverofUKcarmakerMGRoverbyChina’sNanjingAutomobile”wouldreignitesoul-searchingaboutBritain’sindustrialfuture”andemphasisesthegrowingpowerofChinaintheworldeconomy。

ThenewscomesshortlyafterMarconipostedaslightfallinfirstquarterturnover,from£289mto£285m,whilelossesoncontinuedoperationsroseto£36m。

AsindustrialconglomerateGEC,Marconiwasa“stalwartoftheFTSE100”addedTheIndependent,beforethemovetofocusontelecomsduringtheinternetboomleadtoitsnear-collapsein2001。

Thegroupseemedtobe“onaslowroadtorecovery”,saidReuters,butitreceivedamassiveblowinApril,whentelecomsgiantBTfailedtoselectitasoneoftheeightmainsuppliersforits£10bnupgradeoftheUKtelecomssystem。

Thegrouphassinceannouncedthat800jobsaretogoand“haseffectivelybeenupforsalesince”,saidTheTelegraph。