A group of companies recently published a joint announcement, stating that Shenzhen Zhixin New Information Technology and Huawei have signed an acquisition agreement, under which Huawei will sell its business assets related to the Honor smartphone brand.

After the transaction, Huawei will not hold any share of the new Honor company.

Shenzhen Zhixin New Information Technology is jointly invested and established by a group of buyers, including over 30 Chinese agents and dealers of the budget brand.

According to the announcement, this acquisition is a self-help and market-oriented investment initiated by the relevant industry chain of Honor, which aims to maximize the protection of the interests of consumers, channels, suppliers, partners and employees. It is also an industry complementarity, and all shareholders will fully support the new Honor, allowing it to draw on the advantages of all parties in terms of resources, brand, production, channels and services, and participate in market competition more efficiently.

The announcement also said that the change of ownership would not affect the development direction of Honor, and its executives and team would maintain stable.

By official definition, the Honor brand is a trendy technology brand for young people, featuring fashion design and extreme performance. At present, the Honor smartphones have four major series, including the V series, the Honor series, the X series and the Play series.