NOK is indeed only licensing its name and the IP (Patents).  There is no down side other than embarrassment if HMD Global fails.  On the other hand, if HMD manages to sell a lot of phones, the margins for the licensing are very high and Nokia stands to grow its Technologies division revenues nicely.   

I am not expecting HMD global to sell too many high-end phones because Apple and Samsung totally dominate the segment, but I do think that in the low and mid-point smartphone market it can compete effectively.