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Huawei crackdown

Huawei to sell Honor phone brand to save it from US pressure

Move is aimed at maintaining access to vital supply chain

TAIPEI -- Huawei Technologies said on Tuesday it will sell its Honor smartphone business to a consortium of more than 30 companies, acknowledging that the budget brand needed help to maintain access to vital components and supplies amid a U.S. crackdown.

Huawei, China's largest smartphone maker, said it will sell all its Honor assets to a newly formed entity dubbed Shenzhen Zhixin New Information Technology Co., Ltd. Huawei will "not hold any shares or be involved in any business management or decision-making activities" once the sale is complete.

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