Wednesday , December 8 2021

Huawei officially sells its subsidiary Honor – News


Following the announcement last week that Honor is in the advanced stages of negotiations to sell its Honor Division, we now have official confirmation of the deal. The subsidiary will be acquired by Shenzhen Zhixin New Information Technology Co., Ltd., and has signed an agreement with Huawei Investment Holdings Co., Ltd.

The contract states that the purchase will protect the interests of the division’s consumers, suppliers, partners and employees. Changing ownership would not affect the direction of Honor development and management will not change.

Shenzhen Zhixin New Information Technology is made up of a consortium of more than 30 companies. It includes resources, brands, services, activities and solutions for Honor, and Huawei will no longer be involved in brand participation and management.

All of this, of course, is the result of U.S. sanctions against Huawei, which severely hampered the company’s operations. The sale should avoid barriers to Honore’s conducting and trading with U.S. companies and those using U.S. technology.

Source: Huawei

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