Last year, Huawei sold its entire Honor subsidiary brand to the Shenzhen Zhixin New Information Co. Ltd., which consists of more than 30 companies and dealers in China.

It was reported over the weekend that Huawei is considering selling its smartphone division along the same lines as Honor. Sources said Huawei's entire smartphone business would be sold to a company led by the State Asset Supervision Commission and Administration of a major city in China. Moreover, the sources say the negotiations are nearing completion and the deal will be announced shortly.

Seems typical, as in times of profit Huawei mostly kept all money overseas, but in state of big losses it is people of CHina you must bear it all.