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Media reports said the sale included the brand, research and development (R&D) facilities, supply chain management and all 8,000 employees. This new model will also bring new blood to the domestic mobile phone market, Wang Xi, a smartphone industry analyst from IDC, told the Global Times on Tuesday.
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The new Honor will become China's only mobile phone producer with physical dealerships as its main backers, unlike the previous internet-centric entity. All the shareholders of the new Honor firm will fully support the development of the Honor brand, enabling it to leverage the industry's advantages in resources, brands, production, channels and services, and compete in the marketplace. The deal represents "a market-driven investment made to save Honor's industry chain," the joint statement said. It is also the best solution for Honor, as these buyers - channel distributors - whose interests are integrated with those of Honor, are also the ones that wish it the best," Liu said. "This is a first for the industry, with buyers including many previous dealers along the industry chain," Liu Dingding, a veteran internet analyst, told the Global Times on Tuesday. The proceeds may be used by Huawei for research and development, analysts said. The deal value hasn't been unveiled, but given Honor's 6 billion yuan profit in 2019, it's estimated that the deal could be worth as much as 100 billion yuan. The sale will include all the assets of Honor, and Huawei will not hold any shares in the "new" Honor company, according to a joint statement from Honor's buyer. "Basically, it's a 'rescue action' led by the government," Fu Liang, a veteran telecom industry analyst, told the Global Times on Tuesday. Shenzhen Smart City Technology Development Co - controlled by the State-owned Assets Supervision and Administration Commission of Shenzhen city - will hold a 98.6-percent share of Zhixin, according to information from, a company data platform.
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Shenzhen Zhixin New Information Technology Co was established on Septemwith an investment of 100 million yuan ($15.27 million). The buyer is a consortium named Shenzhen Zhixin New Information Technology Co, jointly founded by state-owned Shenzhen Smart City Technology Development Group Co and more than 30 previous agents and dealers, including Beijing Songlian Technology Co.
#Huawei honor free
It may even embark on ambitious overseas foray and emerge as a major rival to Huawei's other phone business if it can be free from US sanctions. Huawei officially announced the divestment of smartphone sub-brand Honor on Tuesday, and although details such as the value of the sale haven't been revealed, industry insiders said the independent phone maker will largely maintain the structure and operations it had under Huawei.