The biggest movers overnight were ZTE, Shenzhen Huiding and BYD, all down 10% in Shenzhen. This is more a tech than a financial move. ZTE rose from 15 to 40 between March and last week. The biggest issue for the company is whether ZTE or Huawei will dominate the new 5G standards now undergoing trials in China. This is a game-changing technology and it’s not surprising that a lot of volatility attends the outcome. Huawei isn’t traded.

On Friday, China’s Ministry of Industry and Information Technology announced the official launch of the third stage of trials for 5G networks. China’s state media also reported Friday that the country’s big three wireless carriers, China Mobile, China Unicom and China telecom, all plan to roll out the first 5G networks next year, with commercial service launches expected as early as 2020.