TOKYO -- On a bright day in late November, a dozen Japanese businesspeople in black suits gathered in Tokyo. Despite the funereal attire, they were there to hear about the birth of a lucrative new industry: 5G.

China is expected to invest more than $150 billion in 5G by 2025, according to Goldman Sachs. (Photo by Ken Kobayashi)
Little-known suppliers set to cash in as Huawei and Beijing bet big