Huawei has recently announced that it is planning to sell its Honor smartphone business which focused on mid-range phones.
Huawei says the decision has been made by Honor’s industry chain to ensure its own survival, following tremendous pressure and a persistent unavailability of technical elements needed for our mobile phone business.
Huawei says that “it will not hold any shares or be involved in any business management or decision-making activities in the new Honor company.”
The company will be owned by the newly-formed Shenzhen Zhixin New Information Technology Co., a consortium of partners and government backed businesses.
According to Reuters report the Honor deal could reach 100 billion yuan ($15.2 billion).
