The Honor remained recognized for its mid-segment smartphones. The specs and price of Honor were extremely competitive in the smartphone market. Huawei has seen incremental growth in sales despite the US ban. But this epidemic has made industrial technology elements unmanageable. Thus consumer businesses are under tremendous pressure. Huawei has severely hit by this situation. This made Huawei officially announced the sale of the whole Honor business asset.
Anyhow Zhixin New Information Technology Co., Ltd. won the race and acquired the whole Honor business assets. The new parent company signed an agreement with Huawei to fully acquire the Honor smartphone business. This includes R&D centers, supply chain, and other Honor assets. Now officially Huawei owns zero shares in the Honor business.
The new parent company declared that there will be no changes in the future development of Honor. The new parent company assured the stability of the talented team and no impact on production. Zhixin pledged to follow the market rule and compete fairly for the same business opportunities.
