https://techcrunch.com/2020/11/16/huawei-sells-budget-phone-unit-honor-to-government-distribution-partners/

After weeks of rumors, Huawei confirmed it is selling its budget phone unit Honor to a consortium of companies, including government-backed firms and Honor’s distribution partners, according to a joint statement released Tuesday morning in a local Shenzhen paper.

“This acquisition represents a market-driven investment made to save Honor’s supply chain. It is the best solution to protect the interests of Honor’s consumers, channel sellers, suppliers, partners, and employees,” said the statement signed by the 40 companies.