China, November 17: Huawei announced that it sold its Honor budget phone line to a domestic consortium. According to an AFP report,  Huawei said the move was necessary to keep the brand alive amid "tremendous" supply chain pressures caused by US sanctions.

Huawei will not hold any shares in the new Honor company after the sale, according to the statement. The new company, Shenzhen Zhixin New Information Technology will make the purchase. No figure for the deal was given in the statement. Huawei Will Invest in Chip Arm Hisilicon Despite US Ban: CEO Guo Ping.

Huawei sold its Honor budget phone line: 

Honor has been purchased by a group of 40 companies comprised of agents, distributors and other businesses dependent on the brand's survival, Huawei and the consortium mentioned in separate statements. The sale appears aimed at getting Honor out from under the Huawei umbrella.

(The above story first appeared on LatestLY on Nov 17, 2020 07:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).