Hit by US sanctions, Huawei sells Honor smartphone business: Details here

 

Struggling to keep its consumer business afloat in the wake of the US sanctions, Chinese conglomerate Huawei on Tuesday announced to sell off its Honor smartphone business assets to China-based Shenzhen Zhixin New Information Technology Co Ltd.

The company said that the sale -- which could be around $15 billion according to multiple reports -- will help Honor's channel sellers and suppliers make it through this difficult time.

Honor smartphones have been hit by US sanctions that prevent Huawei from doing business with the US companies.

"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 company said in a statement.

"Huawei's consumer business has been under tremendous pressure as of late. This has been due to a persistent unavailability of technical elements needed for our mobile phone business," it added.

Huawei said the move has been made by Honor's industry chain to "ensure its own survival".

Over 30 agents and dealers of the Honor brand first proposed this acquisition.

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