BEIJING, November 16 (TMTPOST)— Chinese telecom giant Huawei confirmed on Novermber 17 Beijing time that it decided to sell its smart phone business Honor to Shenzhen Zhixin New Information Technology Co., Ltd., a venture jointly founded by Shenzhen Smart City Technology Development Group and over 30 agents and dealers of the Honor brand, and Huawei will not hold any stake in Honor once the deal completed. Huawei called the deal a “self-rescue” to sustain Honor’s channels and supply chain when the company can’t keep obtaining key technological factors for production and its consumer businesses are “under huge pressure”. In the mean time, more than 30 dealers including Shenzhen Smart City Technology also confirmed Huawei has signed an agreement to sell all businesses assets related to Honor. The acquisition “represents a market-driven investment made to save Honor’s industry chain” and is the best solution to protect interests of consumers, suppliers and employees, according their joint statement. The dealers promised the ownership change will not impact Honor’s development or the stability of its management and talent teams. Last week, Reuters’ sources revealed that Huawei plans to offload Honor to a Chinese consortium in a deal worth $15.2 billion. However, Huawei didn’t disclose the deal size in its recent announcement.