On March 31, Huawei announced its 2020 financial report. The report shows that the performance growth rate has slowed down, but the business expectations have been basically met. Sales revenue was 891.4 billion yuan, a year-on-year rise of 3.8%, and net profit was 64.6 billion yuan, a year-on-year increase of 3.2%.
The financial report explains that in 2020, Huawei received a deposit of 10 billion yuan for the sale of Honor. The financial report mentioned that in 2020, Huawei and Shenzhen Zhixin New Information Technology Co., Ltd. reached an agreement to sell all the Honor business to Shenzhen Zhixin.
The 100% equity of Honor was changed to Shenzhen Zhixin on November 17, 2020. The delivery of related assets shall be completed no later than June 30, 2021. As for the sale of Honor, Huawei got a sales deposit of 10 billion yuan that has been incorporated into the 2020 financial report.
(Via)
