Over 30 agents and dealers of Huawei's Honor brand have acquired all business assets of the budget cellphone brand, according to the joint statement.
"This acquisition represents a market-driven investment made to save Honor's industry chain. It is the best solution to protect the interests of Honor's consumers, channel sellers, suppliers, partners and employees," according to the joint statement.
The acquisition is a multi-win move for the industry, says the statement, adding that all shareholders of the new Honor company will fully support the development of the Honor brand, enabling it to leverage the industry's advantages in resources, brands, production, channels, and services, and more effectively compete in the marketplace.
The change in ownership will not impact Honor's development direction or the stability of its executive and talent teams, allowing the company to continuously consolidate its foundation for success, says the statement.