Huawei's consumer business has been under tremendous pressure as of late. This has been due to a 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.
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.
This move has been made by Honor's industry chain to ensure its own survival. Over 30 agents and dealers of the Honor brand first proposed this acquisition.
Since its creation in 2013, the Honor brand has focused on the youth market by offering phones in the low- to mid-end price range. During these past seven years, Honor has developed into a smartphone brand that ships over 70 million units annually.
Huawei highly appreciates the continued dedication, attention, and support given by Honor's consumers, channel sellers, suppliers, partners, and employees.
We hope this new Honor company will embark on a new road of honor with its shareholders, partners, and employees. We look forward to seeing Honor continue to create value for consumers and build a new intelligent world for young people.
Huawei Investment & Holding Co., Ltd.
November 17, 2020