Huawei has denied a foreign media report that the Chinese telecom group is planning to purchase Nokia.

According to UK’s Financial Times, chairman of Huawei Consumer Business Group Richard Yu said that Huawei is considering the acquisition of Nokia to help it become the world’s largest smart-phone manufacturer. “Maybe the combination has some synergies, but it depends on the willingness of Nokia. We are open-minded,” Yu said.

On Wednesday, his words caused Nokia’s share price to increase by 11 percent to US $4.1.

Both Huawei Consumer Business Group and Yu denied any acquisition plan of Nokia and said it was a misunderstanding from the interview.

Yu said Wednesday the Financial Times did not deliver his view objectively. He clarified that Huawei has no such plan but is open to any acquisitions that benefit Huawei.

Huawei Consumer Business Group also issued a statement saying they have no intention of acquiring Nokia and also added, “Our goal is to provide the best products and services to consumers through continuous innovations. Today we issued the world’s thinnest smart-phone Ascend P6, a landmark product and also the best evidence of the practice of our brand concept.”