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Image Source: Visual China
BEIJING, July 15 (TMTPOST) – Chinese smartphone company Honor has pulled its team out of India, the company’s CEO Zhao Ming said in an interview with the media.
Shenzhen-headquartered Honor will adopt a steady approach to exploring the Indian market by relying on local partners.
Zhao said that Honor’s team in India has been operating for a long time but it had to pull out of India for reasons that are “clearly known to everyone.” According to Zhao, Honor still has local partners in India and has initiated relevant business operations. The company has also been able to achieve profitability in the Indian market.
Honor is a smartphone company owned by a state-owned enterprise controlled by the municipal government of Shenzhen. It was formerly owned by Huawei Technologies. Honor provides smartphone handsets primarily targeting young consumers but has also developed tablet computers and wearable technology.
In India, many Chinese smartphone firms, such as Xiaomi, Vivo and OPPO, are facing scrutiny from local authorities.
It was reported on May 1 that the Indian government froze the assets of Xiaomi India worth around 4.8 billion yuan as the company and its subsidiaries were suspected of violating the currency management law in India. Xiaomi responded in an announcement that the brand is dedicated to the Indian market and that its operations and business activities all comply with local law and regulations.
"We have studied the order from government authorities carefully. We believe our royalty payments and statements to the bank are all legit and truthful. These royalty payments that Xiaomi India made were for the in-licensed technologies and IPs used in our Indian version products," the company said in the statement.
