Huawei sells Honor business to ‘ensure its own survival’
Huawei has officially announced that it has decided to sell all of its Honor business assets to “ensure its survival.”
In a statement, Huawei said that its consumer business has been under “tremendous pressure” due to “a persistent unavailability of technical elements needed for our mobile phone business,” referring to the ongoing trade ban imposed by the U.S. government. As a result, Huawei Investment & Holding Co., Ltd. has decided to sell all of its Honor business assets to Shenzhen Zhixin New Information Technology Co., Ltd.
Huawei said that the sale will help Honor’s channel sellers and suppliers make it through this difficult time and to “ensure its own survival.” The company also said that over 30 agents and dealers of the Honor brand first proposed the acquisition.
“Once the sale is complete, Huawei will not hold any shares or be involved in any business management or decision-making activities in the new Honor company,” Huawei said in the statement.
The Honor brand was created in 2013 and is known for its Honor line of smartphones.