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Huawei confirms sale of Honor to ensure the latter's survival

By Cookie Monster - on 17 Nov 2020, 8:21pm

Huawei confirms sale of Honor to ensure the latter's survival

Following last week's rumour on a potential sale of Honor, Huawei today confirmed that it has sold all of its Honor business assets to Shenzhen Zhixin New Information Technology Co. Ltd.

In a press statement, Huawei says its consumer business recently has been under tremendous pressure due to a persistent unavailability of technical elements needed for its mobile phone business. The sale of Honor will help its channel sellers and suppliers tide through this difficult period. 

Huawei added that the decision was made by Honor's industry chain to ensure its own survival. More than 30 agents and dealers proposed this initiative. As and when the sale is completed, Huawei will no longer hold any shares or be involved in any business management or decision-making activities in the new Honor company.

Source: Huawei

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