Huawei selling smartphone unit in face of US sanctions

Chinese tech giant Huawei is selling its Hor smartphone brand in an effort to rescue struggling business from damaging U.S. sanctions imposed on its parent company.

move anunced Tuesday is aimed at trying to revive Hor by separating it from Huawei’s network equipment and or businesses, which U.S. government says are a security threat, an accusation Huawei denies. y are under sanctions that block access to most U.S. processor chips and or techlogy.

anuncement gave financial details but said after sale Huawei will have ownership stake. buyers are a group of 40 Chinese companies that include Hor retailers. Earlier news reports on rumors of a possible sale put purchase price as high as 100 billion yuan ($15 billion).

“ move has been me by Hor’s industry chain to ensure its own survival,” said a Huawei statement.

buyer is Shenzhen Zhixin New Information Techlogy Co., which was formed by a government-owned company in Shenzhen, sourn city where Huawei is hequartered, and a group of Hor retailers.