Huawei confirmed reports that it will sell off its Honor business assets to Shenzhen Zhixin New Information Technology Co.. The Honor business unit offers phones in the low- to mid-end price range and ships over 70 million units annually.
Financial terms were not disclosed, however, a Reuters report estimated the business unit could fetch up to 100 billion yuan (US$15.2 billion).
Huawei said its consumer business has been "under tremendous pressure as of late" due to a persistent unavailability of technical elements needed for the mobile phone business.
