© Huawei Electronics Production | November 10, 2020
Huawei to sell Honor unit to Shenzhen government
The Chinese company is reportedly planning to sell its Honor smartphone unit in a RMB 100 billion (USD 15.2 billion) deal.
The buyer is said to be a consortium led by Digital China, a handset distributor, and the local Shenzhen government, according to a report from Reuters citing people with insight in the matter. He news about the plans comes as the Chinese telecom giant is experiencing US restrictions, forcing the company to focus more on high-end handsets and more corporate business, the sources said. The sale is said to include pretty much all assets, including the brand, R&D capabilities and supply chain management. Following the sale, Honor is expected to keep most of its management team as well as its 7’000-plus workforce and go public within three years, the report continues.