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Trade dispute – mobile communications – Under pressure from US sanctions, Chinese telecom giant Huawei has sold its smartphone brand Honor, making it independent. A consortium of 30 business partners takes over the company.
Huawei announced on Tuesday. No information was provided on the amount of the transaction. According to media reports, experts estimate Honor’s value at 100 billion yuan, the equivalent of 13.9 billion Swiss francs.
“Huawei’s consumer business has recently come under severe pressure,” the group said, referring to US sanctions. “The reason is that the technical elements necessary for our smartphone business are not available in the long term.”
For this reason, Huawei is selling the company to the Shenzhen Zhixin New Information Technology consortium to help Honor resellers and suppliers “get through these tough times.” Honor sells around 70 million smartphones a year. The brand had a share of about 15 percent in the Chinese market in the third quarter, as reported by the “South China Morning Post”.
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