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Huawei to sell budget phone brand Honor to ensure its ‘survival’

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Huawei to sell budget phone brand Honor to ensure its ‘survival’ by Kenyans247(1): Tue 17, November, 2020 08:13am
Huawei has announced a complete sell-off of its cost-effective smartphone brand, Honor, stating that a consortium of dealers will soon take over as the Chinese telecom giant fully divests from the company.
Observing that its consumer business has been under “tremendous pressure as of late,” Huawei said in a statement on Tuesday that it would sell all business assets linked to Honor to a newly created parent company, Shenzhen Zhixin New Information Technology Co., which was established by more than 30 “agents and dealers” of the budget phone brand.

“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,” the firm said, adding that Honor’s industry chain spearheaded the move in order to “ensure its own survival.”

While the company gave no overall price tag for the deal, a previous Reuters report suggested Honor would be sold for some $15 billion (100 billion yuan), citing anonymous sources privy to the details of the sale.

Huawei pointed to ongoing supply chain issues to explain its recent troubles, saying there is a “persistent unavailability of technical elements needed for our mobile phone business.”
https://www.rt.com/news/506918-huawei-sell-honor-pressure/

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