Huawei: Sales of Honor brand is to save its industry chain

Huawei Investment Holding Co., Ltd on Tuesday announced that it has decided to sell all of its Honor business assets to Shenzhen Zhixin New Information Technology Co. Ltd.

Huawei made the announcement through an official statement, noting that once the sale is completed, Huawei will not hold any shares or be involved in any business management or decision-making activities in the new Honor company.

The move has been made by Honor's industry chain to ensure its own survival, Huawei said, adding that over 30 agents and dealers of the Honor brand first proposed the acquisition.

Since its creation in 2013, Honor has focused on the youth market by offering phones in the low- to mid-end price range.

(CGTN)