Electronics Production |
Huawei confirms – will sell Honor business
As the company confirms the news, Huawei says that its consumer business has been under “tremendous pressure” as of late. This is very much due to a “persistent unavailability of technical elements needed for the groups mobile phone business.”
In light of this, Huawei Investment & Holding Co., Ltd. has decided to sell all of its Honor business assets to Shenzhen Zhixin New Information Technology Co., Ltd. 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, according to a statement from the Chinese telecom company. As pointed out in an article by The Verge, the group’s Honor products have relied heavily on Huawei’s own technology, which has taken a hit following by the US sanctions that prevent Huawei from doing business with American companies – which in turn means that the Honor business was also hit.