HONG KONG—China’s Huawei Technologies Co. moved to shore up its U.S.-sanctions-damaged business by selling budget smartphone brand Honor to a state-led consortium.
The Chinese telecom company said Tuesday that it would sell Honor to a new company that records show is majority owned by a unit of the government of Shenzhen, the southern Chinese city where Huawei is based. More than three dozen other Chinese entities, including state-owned companies and dealers of Honor devices, also have an unspecified stake in the consortium.
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