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Reuters reported Huawei asked Verizon to pay $1 billion in royalties for use of more than 230 of Huawei’s patents on network equipment. In addition to Verizon, the Huawei CEO, Ren Zhengfei indicated Huawei may seek more royalties from other companies.

As reported by CNBC, Huawei has more than 69,000 patents worldwide and 49,379 patents pending – with 57% of patents in China and 18% in the US.

The request for additional royalties is likely due to Huawei’s inclusion on the BIS entity list, which resulted in Huawei forecasting a loss of $30 billion in revenue this year. As the ban will impact Huawei’s smartphone business, Huawei is likely to focus on other avenues for revenue – patent royalties.