Chinese smartphone company Honor has released devices that fold as much as be nearly as thin as an iPhone.
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BEIJING — Chinese smartphone company Honor on Thursday announced backing from recent investors because the Huawei spinoff prepares for an initial public offering.
The brand new backers are: China Telecom — one among the main telecommunications operators within the country — CICC Capital, Chinese enterprise capital firm Cornerstone and SDG, a fund linked to a Shenzhen economic zone. Honor said its existing partners also made a recent investment round through an entity called Jinshi Xingyao.
Honor said earlier this 12 months it planned to start out changing its shareholder structure within the fourth quarter, after which it will start the IPO process “at an acceptable time.”
The corporate has not said where it will list. Honor announced its IPO plans in November 2023.
Honor spun off from Chinese telecommunications giant Huawei in November 2020 after the parent company was hit by U.S. sanctions. Huawei said it doesn’t hold any shares in Honor or have involvement in business decisions.
Last week, Honor revealed the following version of its operating system can use AI to mimic actions on a touchscreen, resembling opening an app to order coffee delivery. The corporate on Wednesday released its recent Magic7 series of phones that may use the AI features in China.
Slightly below one-third of Honor’s sales got here from outside China in the primary half of this 12 months, in response to Counterpoint.
— CNBC’s Arjun Kharpal contributed to this report.
