Huawei Technologies Co, one of China's top phone-equipment makers, has suspended plans to sell its mobile phone unit to private equity firms.
In a statement, the company said it believes the interests of the company will be best served by shelving the plan due to current global market conditions and economic uncertainties.
The company did not elaborate on its decision.
Last month, market sources were quoted as saying that private equity firms Bain Capital and Silver Lake had submitted formal offers for a stake in Huawei Technologies' mobile handset unit.
The unit was expected to be worth more than 3.5 bln usd when the auction process began earlier this year.
(1 usd = 6.80 yuan)
Source:XFN-ASIA
