Hit by US sanctions, Huawei sells Honor smartphone business: Details here

Since its creation in 2013, the Honor brand has focused on the youth market by offering phones in the low- to mid-end price range

Struggling to keep its consumer business afloat in the wake of the US sanctions, Chinese conglomerate Huawei on Tuesday announced to sell off its Honor smartphone business assets to China-based Shenzhen Zhixin New Information Technology Co Ltd.

The company said that the sale -- which could be around $15 billion according to multiple reports -- will help Honor's channel sellers and suppliers make it through this difficult time.

Honor smartphones have been hit by US sanctions that prevent Huawei from doing business with the US companies.

"Once the sale is complete, Huawei will not hold any shares or be involved in any business