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Huawei is shrinking its smartphone business in a fight to save the brand
Hong Kong (CNN Business)Huawei has been battered by a long US campaign against the company. Now it is hunkering down for survival by selling off its budget smartphone business.

A consortium of buyers said on Tuesday that it has acquired Huawei's Honor smartphone brand for an undisclosed amount of money. The buyers include more than 30 Chinese agents and dealers of the budget brand.

Huawei and the group of buyers said they struck the deal to help save Honor's supply chain, and protect consumers and sellers. The Trump administration has cut off the Chinese company's access to vital technology, such as chipsets and software for its smartphones and 5G telecommunications equipment. Washington says Huawei poses a national security threat, allegations the company has long denied.

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