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Huawei announced on its official website that it has sold its Honor sub-brand to a local consortium on the grounds that the elements of industrial technology are unsustainable.
Chinese tech giant Huaweiattract attention with its price / performance oriented products Honor, Shenzhen Zhixin New Information Technology Co. Officially a local consortium named Ltd sold it.
Once the purchase is complete, Huawei will not own any stake in Honor. Consortium established, Honor’s 98.6% stakeThe Shenzhen government will hold a 1.4% stake.
Huawei was rumored to sell Honor for $ 15 billion
According to initial statements, the purchase will not affect Honor’s business activities. Honor senior management will continue to work after the purchase. Likewise, working in different units of the company More than 7,000 employees will continue to work.
Honor will be sold to a group of local startups The deal was rumored to be worth around $ 15 billion when the news first came out, but so far neither Huawei nor Shenzhen Zhixin New Information Technology, How much did Honor sell did not explain.
The honor was sold to “protect the interests of consumers, suppliers, partners and employees”
According to information reported by a local newspaper called Shenzhen Special Zone Daily; of consumers, suppliers, partners and employees protection of interests targets.
Again according to the information shared on the matter, all the investors who contributed to the constitution of the consortium, In order for Honor to participate more effectively in competition in the market It will continue to support the brand, suppliers, manufacturing and services.
Huawei: Honor has become a famous smartphone brand in 7 years
Huawei has released a statement on the official website regarding the purchase in question, “Huawei Investment Holding Co. Ltd., at a difficult time when elements of industrial technology are unsustainable and consumer business is under great pressure, Honor’s business continues. Honor has decided to sell its corporate assets as a whole.“ he used expressions.
Honor’s in 2013 To create affordable products for young people Expressing that it has been established and has become a popular smartphone brand with annual sales of 70 million over 7 years, Huawei pointed out that when the purchase is completed, Honor will have no management and decision-making authority or stake.
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