Ofilm, once blacklisted by the US Department of Commerce in 2020, has managed to rise by securing a major contract with Huawei Technologies.
The blacklisting led to Ofilm’s removal from Apple’s supplier list in 2021, causing a significant blow to its financial stability.
The financial impact on Ofilm had been severe, with the company’s market value plummeting by over two-thirds after losing Apple as its primary client. Reporting a widened loss of $708 million in the previous year, Ofilm faced a challenging financial landscape. Despite these challenges, reports of Ofilm’s contract with Huawei triggered a remarkable resurgence. Within two weeks of the announcement, Ofilm’s Shenzhen-listed shares surged by nearly 70 percent, signaling renewed investor confidence and faith in the company’s prospects.
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