Huawei sells Honor
According to AnTuTu, today (November 17) morning news, several companies in the Shenzhen Special Zone Newspaper released a joint statement, ‘Shenzhen Zhixin New Information Technology Co. Ltd.’ has signed a purchase agreement with Huawei Investment Holdings Ltd. to complete the full acquisition of the Honor brand-related business assets.
After the sale, Huawei no longer holds any shares in the new Honor. The statement points out that this acquisition is not only a self-help and market-oriented investment initiated by the related industry chain of Honor, but also a complementary industry, in which all shareholders will fully support the new Honor, allowing the new Honor to draw advantages from all parties in terms of resources, brand, production, channels, and services, and participate in market competition more efficiently.
Enterprise search shows that Shenzhen Jixin was established on September 27, 2020, with a registered capital of 100 million yuan. Among them, Shenzhen Smart City Technology Development Group, a wholly-owned subsidiary of the Shenzhen State-owned Assets Supervision and Administration Commission (SASAC), holds a 98.6 percent stake, while Shenzhen State-owned Synergistic Development Private Equity Partnership holds a 1.4 percent stake.
The statement also said that the change in ownership will not affect the direction of Honor’s development and that Honor’s top management and team will remain stable. The dealers and agents who invested in the new Honor also promised that they would only enjoy a financial return on their investment in the future, and would follow the market principle of fair trade on the business side and enjoy the same opportunities as other dealers and agents.
Huawei responds to the sale of Honor
Following the news, now Huawei officials have given a response. The statement said that Huawei’s overall sale of the Honor business assets. For the delivery of the Honor, Huawei does not hold any shares, nor participate in business management and decision-making.
Huawei said, in the industry technology factors unsustainable access, consumer business is under tremendous pressure in a difficult moment, to let Honor channels and suppliers can continue, Huawei Investment Holdings Limited decided to sell the overall Honor business assets, the acquirer is Shenzhen Zhixin New Information Technology Co. Ltd.
Huawei responded to the sale of H: industry chain self-help, blessing the new Honor following the full text of the statement. (Translated)
At a difficult time when industry technology elements are unsustainably available and consumer business is under tremendous pressure, Huawei Investment Holdings Ltd. decided to sell the entire assets of the Honor business to Shenzhen Zhixin New Information Technology Co. After the delivery of the Honor, Huawei does not hold any shares and does not participate in the management and decision-making.
A total of more than 30 Honor agents, dealers jointly initiated the acquisition, which is also Honor related industry chain initiated a self-help behavior.
Honor brand was born in 2013, always for young people, adhere to the low-end price, seven years to develop into annual shipments of more than 70 million Internet mobile phone brand. Huawei is deeply grateful to Honor’s consumers, channels, suppliers, partners, and employees for their dedication, love, and support!
I wish the post-independence Honor, together with shareholders, partners, and employees, embark on the road to new Honor, continue to create value for consumers, and create a new intelligent world belonging to young people!
Huawei Investment Holdings Co., Ltd.
Honor New Team And Positions
- According to the source, Wan Biao will serve as the chairman of New Honor, focusing on the supply chain management he is good at, and responsible for the planning of the New Honor product line to ensure the supply of various chips required by the New Honor products.
- Zhao Ming will be the CEO of New Honor, responsible for the company’s daily operations, focusing on channels.
- Fang Fei, the former vice president of Huawei’s consumer business product line, will serve as the president of the new Honor product line and will be responsible for the planning of the new Honor product line. Fang Fei was previously responsible for positioning younger product lines, such as Huawei nova, Changxiang, Changwan, and Maimang.
- Yang Jian, the former head of the retail management department of Huawei’s consumer business in China, will serve as the president of new Honor retail management, responsible for global retail work and some channel management.
- Other Honor executives and teams will remain unchanged.
