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Technology Huawei sells smartphone subsidiary Honor "to ensure its own survival"

11:35  17 november  2020
11:35  17 november  2020 Source:   t3n.de

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Huawei has announced a complete sell -off of its cost-effective smartphone brand, Honor While the company gave no overall price tag for the deal, a previous Reuters report suggested Honor would be sold for some billion (100 billion yuan), citing anonymous sources privy to the details of the sale.

Huawei Technologies Co Ltd is selling its budget brand smartphone unit Honor to a consortium of “This move has been made by Honor ’s industry chain to ensure its own survival ,” Huawei said. It also sells phones in Southeast Asia and Europe, and ships 70 million units annual, according to the

Huawei has officially sold its budget smartphone subsidiary Honor. The company goes to the newly formed consortium Shenzhen Zhixin New Information Technology.

Honor-Smartphone. © Shutterstock Honor smartphone.

Seven years after the founding of Huawei's smartphone subsidiary Honor, the network equipment supplier and smartphone manufacturer announced the sale of the company, which primarily focused on budget devices and aimed at younger customers. Pressure from US sanctions has forced Huawei to take this step.

Huawei subsidiary: the impetus for sales came from Honor

As Huawei announces in a press release , the decision was made by “Honor's industrial chain to ensure its own survival”. Huawei's end customer business is under massive pressure because of the ongoing US sanctions and the associated “continued unavailability of technical components” that are required for the mobile communications business.

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Huawei Investment & Holding Co., Ltd. has thus decided to sell all of its Honor business assets to This move has been made by Honor 's industry chain to ensure its own survival . During these past seven years, Honor has developed into a smartphone brand that ships over 70 million units annually.

BEIJING — Chinese tech giant Huawei is selling its Honor smartphone brand in an effort to rescue the struggling business from damaging U.S. sanctions imposed on its parent company. “The move has been made by Honor ’s industry chain to ensure its own survival ,” said a Huawei statement.

According to Huawei, the final impetus to sell the division came from Honor's industrial chain in order to ensure its own survival. Over 30 representatives of the Honor brand had campaigned for the sale.


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Neither to Xiaomi or TCL: Honor goes to new consortium

According to Huawei, the Honor brand does not go, as speculated in advance , to a well-known brand like Xiaomi or TCL, but to a newly formed consortium called Shenzhen Zhixin New Information Technology. According to The Verge, is a group of partners and government-backed companies.

According to its own statements, Huawei does not hold shares in the new honor company with the sale, nor is the group "involved in management or decision-making activities," the company explains.

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Honor sells smartphones through its own websites and third-party retailers in China, where it competes with Xiaomi Corp, Oppo and Vivo in the lower-priced handset market. It also sells phones in Southeast Asia and Europe, and ships 70 million units annual, according to the Huawei statement.

Honor sells smartphones through its own websites and third-party retailers in China, where it competes with Xiaomi Corp, Oppo and Vivo in the lower-priced handset market. It also sells phones in Southeast Asia and Europe, and ships 70 million units annual, according to the Huawei statement.

Under new management, independent of Huawei, Honor should continue its business again without any US sanctions and offer smartphones with Google services, provided the manufacturer wants to continue to operate internationally. Specific details about the deal were not disclosed. Most recently, Reuters said earlier this month, , that Honor could be sold for $ 15 billion.

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