Chinese telecoms company Huawei said that it expected to report a 21 per cent increase in revenues to $109bn for 2018, despite what it called “malicious incidents” and “incredibly unfair treatment” from foreign governments.

In a new year’s message to employees, Guo Ping, Huawei’s rotating chairman, said the telecoms equipment manufacturer had secured 26 5G contracts worldwide this year, even after authorities in the US, UK, Australia, New Zealand and Japan raised security concerns about the supplier.

Earlier this month, Huawei’s chief financial officer Meng Wanzhou — who is also the daughter of the company’s founder, Ren Zhengfei — was arrested in Vancouver on allegations that Huawei sold US-made equipment to Iran. Ms Meng is facing extradition to the US.