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Huawei to sell Honor brand in face of US sanctions

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The US sanctions have seriously hit Chinese smartphone manufacturer Huawei. After Trump’s administration had cut off the company’s access to global technology suppliers, Huawei decided to sell its Honor smartphone business. The company admitted that the sale of Honor division was necessary to ensure the brand’s survival. In its official statement, Huawei said it “decided to sell all of its Honor business assets to Shenzhen Zhixin New Information Technology.” Currently, Huawei is struggling to continue its mobile phone business due to a “persistent unavailability of technical elements” needed for smartphone production. The deal is valued at $15.2 billion and will include the brand itself, research and development departments, and supply chain management. At the moment, Huawei is negotiating the deal with smartphone distributor Digital China. Earlier, Washington accused the tech company of cooperating with Chinese intelligence agencies and spying on customers. Following these claims, the US blacklisted Huawei and barred it from supplying technologies and components to the US market to develop 5G networks.

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