Huawei made its first official response to the US action banning it from buying ICs made using US technology at its analyst day yesterday.

“We expect that our business will inevitably be affected. We will try all we can to seek a solution,” said Huawei Chairman Guo Ping, “survival is the key word for us at present.”

Gui said that Huawei had had to rewrite 60 million lines of code and spend 15,000+ man years in R&D  to cope with US pressures.

However, he said the company will comply with US regulations.

Guo said that Huawei had spent $18.7 billion buying from US  suppliers last year.