Huawei Selling Its Honor Smartphone Brand, Company Says

© AP Photo / Alastair GrantMembers of the invited audience of fans and media try out the new Honor 20 series of phones following their global launch in London, Tuesday, May 21, 2019
Members of the invited audience of fans and media try out the new Honor 20 series of phones following their global launch in London, Tuesday, May 21, 2019 - Sputnik International
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MOSCOW (Sputnik) - Huawei Technologies has decided to sell its Honor smartphone brand as it is struggling under pressure from US sanctions, the Chinese company said in a Tuesday statement.

"Huawei's consumer business has been under tremendous pressure as of late. This has been due to persistent unavailability of technical elements needed for our mobile phone business. Huawei Investment & Holding Co., Ltd. has thus decided to sell all of its Honor business assets to Shenzhen Zhixin New Information Technology Co., Ltd. This sale will help Honor's channel sellers and suppliers make it through this difficult time," the statement says.

The company specified that once the sale is complete, Huawei will not hold any shares or be involved in any business management or decision-making activities in the new Honor company.

Last week, reports emerged saying that the Chinese tech giant could sell its Honor budget series smartphone enterprise via a 100bn yuan ($15.2bn) deal.

The logo of chipmaker Qualcomm Inc is pictured on its building in San Diego, California, U.S. July 22, 2008 - Sputnik International
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The US imposed sanctions in the spring of 2019, blocking Huawei’s access to most US processor chips and other technology.

This year, the US barred manufacturers from using American technology to produce chips for Huawei, claiming that the company might be facilitating Chinese spying, something that the tech giant has repeatedly denied.

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