Chinese tech giant Huawei has announced plans to release a next-generation smartphone based on its own technology instead of US components, stepping up efforts to compete directly with Western industry leaders. Thursday's announcement comes as Huawei Technologies Ltd., the world's biggest maker of network gear for phone companies, combats US warnings the company might be a security risk. Read Also| Huawei chief Liang Hua readdresses espionage concerns at World Economic Forum in Davos Richard Yu, CEO of the company's consumer unit, said Huawei plans to unveil what it bills as the first foldable 5G smartphone next month. The phone is based Huawei's Kirin 980 chipset and Balong 5000 modem instead of chips from U.S. vendors. Developing its own mobile phone chips instead of using outsourced ones allows Huawei to keep more of its revenue and reduces the risk of disruption of U.S. supplies.