Market Chatter: Nokia Said to Close Sites in China by 2026-end Amid Plans to Scale Back Mainland Operations

11:36 PM EDT, 08/18/2026 (MT Newswires) -- Nokia (NOKIA.HE) is planning a multi-stage closure of its sites in China as part of plans to scale back operations, particularly in the mainland, the South China Morning Post reported Tuesday, citing sources familiar with the situation. The telecommunications equipment company unveiled the plan during an internal online video conference earlier in August, according to the report. The unnamed sources said the site closures are expected to be completed by the end of 2026. The Finnish group's plans for China also involve letting go of most of its workforce in the country in batches, primarily in the mobile networks and network infrastructure businesses, according to one of the sources. Nokia will reportedly retain after-sales services in the country, another person said. Nokia did not immediately respond to a request for comment from MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)