Earlier, there were rumors that Huawei could sell its subsidiary Honor. The rumors turned out to be true and Huawei has confirmed the sale of Honor. The deal is worth $ 15 billion.
The new owner of Honor is Shenzhen Zhixin New Information Technology.
In an official statement, Huawei says that persistent problems with the presence of technical elements were the reason for the sale of Honor. Honor’s departure from Huawei should allow the company to grow further, as it will not fall on the bumps intended for the parent company. Huawei will not own shares or participate in business management or decision making at Honor.
According to Huawei, the Honor brand ships 70 million smartphones annually. The problems of Huawei and Honor are related to the US sanctions, which prompted Google to abandon cooperation with them and as a result, the companies had to abandon the Android OS. Later, there was a ban on the sale of chips and the use of technology. This meant that Huawei and Honor were unable to make high-end chips for mobile devices in the future. There is also a growing talent drain at Huawei.
Despite the fact that American companies have begun to obtain permits for the supply of chips for Huawei, the situation remains difficult, because chips with 5G remain unavailable for Huawei to buy. All this led to the decision to sell Honor. Huawei also plans to enter the display market and compete with Xiaomi, but it is not known what will come of this.
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