Shenzhen Zhixin New Information Technology, an agent-dealer consortium, agreed to acquire budget brand smartphone unit Honor from Huawei, a Chinese multinational technology company. Financial terms were not disclosed. Once the sale is complete, Huawei will not hold any shares or be involved in any business management or decision-making activities in the new Honor company. This move has been made by Honor's industry chain to ensure its own survival. Over 30 agents and dealers of the Honor brand first proposed this acquisition.