Huawei Announces Selling Honor Brand to the Agent-Dealer Consortium

The Chinese tech giant has decided to sell all business assets of its sub-brand Honor. This step will help Huawei to ease financial impacts following the US trade restrictions that blocked the company’s access to semiconductor chips. Over 30 agents and dealers of Honor first proposed this acquisition, according to Huawei.

The statement of the company says that Huawei will not hold any shares in the new Honor company after the sale. To make the purchase, the buyers will set up a new company, Shenzhen Zhixin New Information Technology, 
According to this statement, the sale represents a “market-driven investment made to save Honor’s industry chain.” The change of ownership will not impact Honor’s development direction.
The company did not specify the figures for the deal.