Hikvision Admits Ban To Become LawBy John Honovich, Published Aug 03, 2018, 07:58am EDT
Hikvision has admitted they expect the US government ban to become law as soon as this month.
In a new 'Special Bulletin' to dealers, Hikvision declares:
Indeed, Hikvision acknowledges that the ban may extend further than just US government contracts:
Hikvision has abandoned its attempts to defeat the bill, having spent $140,000 lobbying the last two months, now trying to mitigate the impact from its impending passage into law:
Hikvision is deploying the necessary resources to mitigate any potential negative impact.
We will also work with the U.S. Government on the implementation of this legislation to minimize the impact it may have on our partners.
While they hope for mitigation, cutbacks are already occurring, Hikvision has dropped their large ASIS GSX booth and more cuts are likely coming.
China Government Owned Hikvision
However, Hikvision protested the decision objecting to a lack of proof of "potential security risks". Of course, the risks are obvious - their ownership and control by the Chinese government:
- Hikvision CEO Admits Hikvision China State-Owned Company
- Hikvision Chinese Government Owner CETHIK Exposed
- Hikvision and the China Communist Party
- Hikvision Chairman Joins China National Government (NPC)
- Hikvision: Chinese Government "Exert Significant Influence Over Our Business"
While Hikvision avoids discussing this, surely the PRC would not allow equivalent practices. Indeed, the Chinese government has determined foreign video surveillance to be a security risk.
Back In China 'Beaten'
Meanwhile, Hikvision and Dahua have "taken a beaten" according to leading Chinese publication SCMP:
However, Hikvision issued an investor statement declaring [link no longer available]:
The above relevant contents of the bill will not have a material impact on the company's business.
Hikvision's valuation has dropped ~$5 billion in the 2 days since Congress passed the bill.
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