To keep ‘Honor’ intact, Huawei hives off smartphone business

It said the sale -- which could be around $15 billion as per multiple reports – will help Honor’s channel sellers and suppliers make it through this difficult time.

Honor smartphones have been hit by US sanctions that prevent Huawei from doing business with the US firms. “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,” it said in a statement.

Huawei said the 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.