Huawei announced the sale of the Honor brand of low-cost phones
The Chinese company Huawei and the telecom giant announced that it has sold the Honor trademark, and that it is forced and obliged to do so due to the sanctions and restrictions imposed on it by the United States of America and said that selling this brand will help Honor to overcome this difficult time.
The sale was made by a consortium of 30 companies, and Huawei said that its production was under great pressure due to the US sanctions, which made it lose access to supplies of electronic components needed to manufacture low-cost cell phones.
Accordingly, Huawei does not own any of the shares of Honor or even its participation in the management.
And those US sanctions came when the US president accused Huawei of spying on users of its phones on behalf of the Chinese authorities, which prevented it from obtaining the basic components needed to manufacture these phones.