Chinese smartphone company Honor has recently made headlines with the release of devices that fold up to be nearly as thin as an iPhone. This new development showcases the company’s commitment to innovation and sleek design.
On Thursday, Honor announced that it has secured backing from new investors as it gears up for an initial public offering. The new investors include China Telecom, CICC Capital, Cornerstone, and SDG, a fund linked to a Shenzhen economic zone. Additionally, Honor’s existing partners have also participated in a new investment round through an entity called Jinshi Xingyao.
Earlier this year, Honor revealed its plans to change its shareholder structure in the fourth quarter, paving the way for the IPO process to begin at a suitable time. While the company has not disclosed where it intends to list, it first announced its IPO plans in November 2023.
Honor officially spun off from its parent company, Huawei, in November 2020 following U.S. sanctions imposed on the telecommunications giant. Huawei has confirmed that it does not hold any shares in Honor or have any involvement in its business decisions.
In a recent development, Honor introduced the next version of its operating system, which can utilize AI technology to replicate touchscreen actions, such as ordering coffee delivery through an app. Additionally, the company unveiled its new Magic7 series of phones with AI features tailored for the Chinese market.
According to Counterpoint, just under one-third of Honor’s sales in the first half of this year came from international markets outside of China, highlighting the brand’s global reach and popularity.
With its focus on cutting-edge technology and user-friendly features, Honor continues to make waves in the smartphone industry. As the company prepares for its IPO and expands its product offerings, consumers can expect even more innovative devices from this Chinese tech powerhouse.
[Original source: CNBC’s Arjun Kharpal contributed to this report.]
