Huawei has finally confirmed the sale of its smartphone sub-brand Honor to a group of over 30 agents and dealers in China. They will form a new company Shenzen Zhixin New Information Technology to complete this acquisition.
So, Honor’s new owner is Shenzen Zhixinm New Information Technology Co Ltd. The new owner has acquired a complete HONOR business. That means, Huawei will no longer hold any shares of Honor. Both Huawei and the buyers did not disclose the deal price.
Even if there’s a change in ownership, there will be no change in Honor’s senior management and operations for now. The new owner will now look after the production, distribution, operations, and supplies.
“Huawei’s consumer business has been under tremendous pressure as of late,” the Shenzhen-based company said in the statement, reported South China Morning Post. “This has been due to a persistent unavailability of technical elements needed for our mobile phone business,” it further added.
Honor sub-brand was founded back in 2013 to offer low-cost smartphones in several markets including China, India, and more. The business was running well until Huawei was banned by the US government.
