Huawei officially sold its subsidiary Honor to Zhixin New Information Technology Co. Ltd

True to the previous leaks, Honor is no longer a subsidiary of the Huawei Consumer Business Group.

Accordingly, Reuters recently confirmed that Huawei has agreed to sell the Honor brand to another corporation, in order to save Honor’s smartphone business.

Huawei officially sold its subsidiary honor to zhixin new information technology co ltd 1424

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It is known that the new owner of Honor brand is Zhixin New Information Technology Co. Ltd. The company was only formed from a consortium of more than 30 agents and Shenzhen Smart City Development Group Co. Ltd.

It is reported that the Shenzhen Smart City Development Group, a subsidiary of SASAC Shenzhen will hold a 98.6% stake in Zhixin New Information Technology Co. Ltd, while the Assets Cooperative Development Private Equity Partnership only holds a 1.4% stake.

Huawei officially sold its subsidiary honor to zhixin new information technology co ltd 1424 1

The source said today, Zhixin New Information Technology will “buy back all business assets related to the Honor brand” and “once the acquisition is complete, Huawei will not hold any stock. part of the new Honor company ”. The value of this deal is disclosed, but previous reports put the figure around $ 15 billion.

The sale of Huawei’s Honor brand is seen as a necessary decision to save this company from the troubles that its parent company, Huawei is having after being listed as “blacklisted by the US Department of Commerce.” “.

The joint statement also discloses that the change of ownership will not affect the direction of Honor’s development nor cause disturbance of personnel. The Group also declares that it will follow the rules of the market and compete fairly for the same business opportunity as other dealers.