(Pocket-lint) - Huawei is allegedly in talks to sell its two premium smartphone brands, which would signal a retreat from the higher end of the market.
"Two people with direct knowledge of the matter" have reportedly told Reuters that the Chinese manufacture is speaking to a buyer to offload its P and Mate brands.
The sale could see P and Mate phones unleashed from the shackles of the current US ban on Huawei, as the potential buyer is said to be a consortium containing Shanghai government-backed investment firms.
Most Shanghai concerns are not on the existing US entities list.
It is also understood that a deal could be made that is similar to the recent acquisition by a consortium of the Honor brand. Huawei's dealers could be part of the final ownership.
Huawei responded to Reuters denying the sale: "Huawei has learned there are unsubstantiated rumours circulating regarding the possible sale of our flagship smartphone brands," a Huawei spokesman said.
"There is no merit to these rumours whatsoever. Huawei has no such plan."
However, as it is said to have not made a final decision on the matter, it could be that it does not want to upset the apple cart during the process.
We'll update if and when we hear more.