TLTP
\nBEIJING
\nChinese tech giant Huawei is selling its budget-price Honor smartphone brand in an effort to rescue the struggling business from damaging US sanctions imposed on its parent company.
\nThe move announced Tuesday is aimed at reviving Honor by separating it from Huawei\u2019s network equipment business, which Washington says is a security threat, an accusation Huawei denies. It is under sanctions that block access to most US processor chips and other technology.
\nHuawei Technologies\u2019s announcement gave no financial details but said the company will have no ownership stake once the sale is completed. Huawei will retain its flagship Huawei smartphone brand.
\nThe buyer is a state-owned company in Shenzhen, the southern city where Huawei is headquartered, and a group of Honor retailers. Earlier news reports on rumors of a possible sale put the price as high as $15 billion.
\n\u201cThe move has been made by Honor\u2019s industry chain to ensure its own survival,\u201d said the Huawei statement. The buyers said in a separate statement the split was \u201cthe best solution\u201d to protect customers and employees.
\nHuawei, China\u2019s first global tech brand and the biggest maker of switching equipment used by phone and Internet companies, is at the center of US-Chinese tension over technology, security and spying. The feud has spread to include the popular Chinese-owned video app TikTok and messaging service WeChat.
\nTuesday\u2019s announcements gave no indication how Honor planned to regain access to US chips and other technology including Google\u2019s popular music, maps and other services. Other Chinese smartphone brands such as Xiaomi, Oppo and Vivo operate without such restrictions.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP BEIJING Chinese tech giant Huawei is selling its budget-price Honor smartphone brand in an effort to rescue the struggling business from damaging US sanctions imposed on its parent company. The move announced Tuesday is aimed at reviving Honor by separating it from Huawei\u2019s network equipment business, which Washington says is a security threat, an […]<\/p>\n","protected":false},"author":2,"featured_media":151889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-156943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology"],"yoast_head":"\n