Huawei has revealed the news officially that it has finally sold Honor to Shenzhen Zhixin, an Information Technology Co. Ltd. For the recent COVID-19 situation and other Chinese issues, the US has restricted several sections of Huawei. That’s why companies like Honor was facing a huge loss in the market. Honor has been producing some good quality smartphones for a couple of years and people around the globe are accepting Honor very much.
So for these restrictions and other complications, Shenzhen Zhixin has finally signed an agreement with Huawei Investment Holdings Co. Ltd. to fully take charge of Honor. In short, from now, there will be no relation between Huawei and Honor, and the whole world will get to use smartphones, manufactured by Honor. As of now, Shenzhen Zhixin has bought almost 98% of equity from Huawei. That means, there will be no ban of the US on Honor and the future smartphones from Honor will have pre-installed Google services as well. But Honor’s senior management will remain on board. It will not affect the direction of Honor’s development.
“AT A DIFFICULT TIME WHEN INDUSTRIAL TECHNOLOGY ELEMENTS ARE UNSUSTAINABLE AND CONSUMER BUSINESSES ARE UNDER TREMENDOUS PRESSURE, IN ORDER TO ALLOW HONOR CHANNELS AND SUPPLIERS TO CONTINUE, HUAWEI INVESTMENT HOLDING CO., LTD. DECIDED TO SELL THE ENTIRE HONOR BUSINESS ASSETS. THE PURCHASER IS SHENZHEN ZHIXIN NEW INFORMATION TECHNOLOGY.”
Qualcomm is an American semiconductor chipset manufacturer and for this ban, Huawei was not allowed to do business with them as per the Trump Administration. But recently, the US has lifted the ban on Huawei.
