Major Chinese phone maker Huawei, the largest telecom equipment manufacturer in the world, is quashing rumours that it will be bought out by a state-owned company, Yicai.com reported.

Regarding the current shareholding structure, Huawei emphasized that it is a private enterprise with all shares held by employees. It currently has 180,000 employees and operates in more than 170 countries and regions.

Furthermore, the shareholders’ meeting remains the decision-making authority. It consists of two shareholders — Ren Zhengfei, the founder and president of the company, as well as the trade union led by representative employees.

Huawei also confirmed that the rumour about the spin-off of the company’s businesses is not true.