GizmoChina: Huawei has finally closed the deal to sell Honor assets
The Chinese corporation Huawei has reported on the final sale of its subsidiary Honor. This was reported by GizmoChina.
The firm’s annual report states that the sale of Honor and all its assets has been closed. The materials specify that the new owner of Honor acquired the company’s assets in installments. However, Huawei did not disclose the final sale amount.
The deal to purchase Honor and other subsidiaries by Shenzhen Zhixin New Information Technology Co. Ltd. was initiated in 2020. Huawei was forced to sell the company because it was placed on the US sanctions list in May 2019.
By selling its smartphone subsidiary, Huawei acknowledged that under the sanctions, Honor would lose access to important components for the production of products. According to media journalists, in this way the Chinese corporation protected its subsidiary.
In September, the head of the Chinese company Honor, Zhao Ming, commented on rumors of a reunion with Huawei. According to the top manager, a reverse merger with Huawei is “absolutely impossible.”
Source: Lenta
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