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Chinese smartphone company Honor gets new investors as it gears up for IPO

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Chinese smartphone company Honor on Thursday announced backing from new investors as the Huawei spinoff prepares for an initial public offering.

Honor said earlier this year it planned to start changing its shareholder structure in the fourth quarter, and start the IPO process"at a suitable time."

BEIJING — — one of the major telecommunications operators in the country — CICC Capital, Chinese venture capital firm Cornerstone and SDG, a fund linked to a Shenzhen economic zone. Honor said its existing partners also made a new investment round through an entity called Jinshi Xingyao. Honor said earlier this year it planned to start changing its shareholder structure in the fourth quarter, after which it would start the IPO process"at a suitable time."Honor spun off from Chinese telecommunications giant Huawei in November 2020 after the parent company was hit by U.S. sanctions. Huawei said it does not hold any

Last week, Honor revealed the next version of its operating system can use AI to mimic actions on a touchscreen, such asSamsung Electronics' chip profit shrinks 40% from the previous quarter Just under one-third of Honor's sales came from outside China in the first half of this year, according to Counterpoint.Fort Worth

 

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