Huawei to part with Honor

Huawei is reportedly planning to hive off its Honor sub-brand of smartphones to a consortium led by Digital China and the Shenzhen government, according to Reuters.

The sale of the budget-brand smartphone unit is said to be worth about 100 billion yuan.

Rumours of such a move was reported before the US presidential election. With the election results seemingly concluded, Huawei looks set to proceed with the transaction — even though a new president is likely to be helming the new US government.

The all-cash sale is said to include almost all assets including brand, research and development capabilities and supply chain management.

People in the know are expecting the deal to be announced as early as the next few days.