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China is furious and global markets are in an uproar as the daughter of one of the country’s richest men languishes in a Canadian jail

China is furious at 'extremely odious' arrest of Huawei CFO and daughter of its founder. Here's the latest in the arrest of Meng "Sabrina" Wanzhou.

VANCOUVER, BC - DECEMBER 07: Observers stand outside the B.C. Supreme Courthouse as they wait for news at the bail hearing for Huawei Technologies Chief Financial Officer Meng Wanzhou in Vancouver on December 7, 2018 in Vancouver, Canada. Wanzhou was detained by border officials in Vancouver December 1 while changing flights en route to Mexico.
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While a Canadian Supreme Court heard bail arguments for second day, China is maintaining its official outrage at

At the second day of a bail hearing at British Columbia’s Supreme Court, Meng’s lawyers tried hard to secure Meng's release, even arguing her flight was unlikely because it would cause China to lose national face.

"Given her unique profile as the face of a Chinese corporate national champion, if she were to flee or breach your order in any way in these very unique circumstances, my lord, it does not overstate to say she would embarrass China itself," Meng's attorney David Martin told the court, according to the South China Morning Post.

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The defense called two security company executives to testify about how they would monitor Meng upon her release, but in cross examination, the Crown — the prosecution under the British legal system — asked one of the executives if his company had ever actually monitored someone on bail before.

Not encouraging for Meng, especially when her own lawyers cannot testify to her husband's immigration status in Canada. That's important because Liu Xiaozong, could possibly take responsibility for Meng as her surety, effectively her home jailer, when no one knows where he officially belongs.

The lawyers tried to assure the court that Meng would fork out the costs for her security guards, accept electronic and physical monitoring, offer up her two Vancouver mansions in the name of her husband and add on a cash payment, making her bail at roughly $14 million in value, by the South China Morning Post's calculations.

The big problem for Meng is that the two North American neighbors have a track record of a long extradition processes. If she isn't granted bail, she might be waitinga very long time before the US secures her extradition — Bloomberg says it could even be years.

The hearing has been adjourned until Tuesday.

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While reports Tuesday suggest that China's media have been officially told to steer clear of reporting on the case, the Communist Party mouthpiece The People's Daily pulled out its preferred emergency op-ed pen name "Zhong Shen" (钟声) literally "Voice of China," which is only dusted off for special commentary on issues that require central coordination.

Canada's Ambassador to China John McCallum and the US Ambassador Terry Bransta were "urgently summoned" on Sunday for a dressing down from China's Ministry of Foreign Affairs.

According to a statement by Chinese Vice Foreign Minister Le Yucheng, reported by China's Global Times, "extremely odious," decision and reverse the arrest order.

"face grave consequences" and be held accountable if Meng is not immediately released.

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Also known as Sabrina, Meng is the daughter of the Chinese tech giant's president and founder Ren Zhengfei. She also serves as his company's CFO.

She was unexpectedly arrested by Canadian authorities on Saturday, December 1, while boarding an outbound flight in Vancouver shortly after China's president Xi Jinping was meeting with US president Donald Trump to discuss a trade war ceasefire.

Meng's sudden and surprising detention has left left many Sino-US experts gobsmacked. It has sparked a global stock market aneurysm, an eruption of indignation on state-curated Chinese social media, and left Chinese and US officials scrambling to understand what it all means for a trade truce.

Wall Street has spluttered since the news, the S&P 500 is heading towards its worst December since 2002, European shares even nudged a two-year low, and indexes across Asia doubled-over in anxiety, where they are likely to remain until certainty can be re-established.

And meanwhile Caixin has reported that NeoPhotonics Corp. a US manufacturer of semiconductor products, fell off a cliff following Meng's arrest, shedding 16%.

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According to Bloomberg, almost half of NeoPhotonics entire revenue comes out of Huawei.

The nosedive may reflect a new and bleaker reality for Huawei's partners now that the US and its "Five Eyes" allies have come down hard on the Chinese telecom business, blocking its access to national 5G infrastructure networks and in some cases banning it from essential infrastructure.

NTT Docomo, SoftBank and KDDI, have all made the decision to shun Chinese-originated tech and equipment from their 5G networks, The Washington Post reports.

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That comes with an effective halt on ministries and armed forces connecting or transacting in any way with Chinese telecoms. The ban takes effect in April.

Reuters cites unnamed sources saying that Japan is now seeking "to beef up its defenses against intelligence leaks and cyber attacks."

On Friday, Reuters reported that long time Chairman Liang Hua was appointed as acting chief financial officer to replace Meng, citing an internal memo sent to Huawei staff.

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Born in 1964, Liang, also called Howard, graduated with a doctorate out of Wuhan University of Technology, before joining Huawei in 1995, serving as President of Supply Chain, CFO, and eventually as Chairman of the Supervisory Board.

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