Chinese smartphone manufacturer Honor has unveiled new foldable devices that rival the thinness of an iPhone. The announcement comes as the company secures backing from significant investors, gearing up for an initial public offering (IPO). Major new investors include telecom giant China Telecom, CICC Capital, venture capital firm Cornerstone, and SDG, a fund associated with a Shenzhen economic zone. Honor’s existing partners also participated in the latest funding round through an entity named Jinshi Xingyao.
Earlier this year, Honor expressed its intention to alter its shareholder structure in the fourth quarter, a step that precedes the IPO process. Though the specific exchange for the IPO remains undisclosed, the plans were first made public in November 2023.
Honor was spun off from Huawei in November 2020, following U.S. sanctions against its former parent company. Huawei no longer retains any shares in Honor or influences its business decisions.
In recent developments, Honor has launched the Magic7 series in China, featuring an advanced operating system capable of using AI to replicate touchscreen actions, such as ordering coffee with a simple command. Notably, Honor’s international sales accounted for nearly one-third of its total sales in the first half of the year, according to data from Counterpoint Research.
The strategic moves by Honor highlight its ambitions to expand its market presence both domestically and globally, leveraging cutting-edge technology and solid financial support. As Honor prepares for its IPO, the industry eagerly watches to see how it will navigate its path post-Huawei, establishing itself as a formidable player in the competitive smartphone market.
Original Story https://www.cnbc.com/2024/10/31/chinese-smartphone-company-honor-gets-new-investors-as-it-readies-ipo.html
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