Chinese tech giant Huawei has announced that its selling off Honor, its smartphone business focussed on mid-range products.
Huawei says the decision “has been made by Honor’s industry chain to ensure its own survival” following damaging US sanctions imposed on its parent company.
Huawei's announcement gave no financial details but said the company will have no ownership stake once the sale is completed.
Honor will be owned by the newly-formed Shenzhen Zhixin New Information Technology Co., a consortium of partners and government-backed businesses.