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Huawei Announces Sale of Honor Phone Business in Order to Ensure Brand’s Survival

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Honor emblem. (Image Credit: Honor)

While the phrases of the offers haven’t been disclosed, a Reuters report mentioned final month that the Honor enterprise may price as much as CNY 100 billion (roughly Rs 1.13 lakh crores).

  • News18.com
  • Last Updated: November 17, 2020, 9:37 IST
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Chinese smartphone producer Huawei has introduced that it’s promoting off its Honor model with the intention to guarantee its survival, following ‘large strain’ and ‘a persistent unavailability of technical components wanted for its cell enterprise.’ In an announcement, Huawei mentioned that it’s going to promote all of its Honor enterprise to an organization referred to as Shenzhen Zhixin New Information Technology. “This sale will help Honor’s channel sellers and suppliers make it through this difficult time,” Huawei mentioned in its assertion. Exact particulars of the deal haven’t been disclosed.

Huawei mentioned that after the sale is full, the corporate is not going to maintain any shares or be concerned in any enterprise administration or choice making actions relating to the brand new Honor firm. The firm mentioned that the transfer has been made by Honor’s trade chain to make sure its personal survival. “This sale will help Honor’s channel sellers and suppliers make it through this difficult time,” Huawei mentioned. The Honor model was established by the Chinese firm to deal with the youth market by providing telephones within the low-end to mid-range value factors.

Honor’s merchandise additionally rely closely on Huawei’s expertise, therefore the model was additionally affected by the US sanctions imposed on Huawei. Under the brand new possession, Honor ought to have the flexibleness to develop its merchandise and probably cope with the likes of Qualcomm and Google.

Huawei, in its assertion, didn’t disclose the phrases of the deal. However, a report in Reuters had earlier this month speculated {that a} proposed Honor sale may price roughly CNY 100 billion (roughly Rs 1.13 lakh crores).



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