Huawei plans to beef up its R&D

Huawei Technologies Co's revenue growth accelerated in the first half of the year as upgraded smartphones and network gear helped China's largest vendor of telecommunications equipment counter deteriorating global demand.

The world's third-largest smartphone brand grew revenue 40 percent to 245.5 billion yuan ($37 billion) in the first six months, the Shenzhen-based company said in a statement. That's up from the 30 percent growth it managed in the first half of 2015.

Founded in 1987 by Ren Zhengfei, Huawei has sprung to the vanguard of a crop of Chinese smartphone vendors trying to compete with global leaders Samsung Electronics Co and Apple Inc.