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Chinese telecommunications giant Huawei Technologies is selling its smartphone brand Honor to a consortium of more than 30 agents and dealers, according to a joint statement released on Tuesday signed by companies involved in the deal.
Huawei says the decision “has been made by Honor’s industry chain to ensure its own survival,” following “tremendous pressure” and “a persistent unavailability of technical elements needed for our mobile phone business.”
It is also seen as "unprecedented, stirring self-rescuing" move by Chinese tech companies as they face an political crackdown, according to industry analysts.
