Honor has announced its readiness in preparation for an initial public offering (IPO) with support from new investors.
This Chinese smartphone company was once part of telecommunications giant Huawei. However, the two companies parted ways after Huawei faced U.S. sanctions in 2020.
Honor announced its intention to go public in November 2023 and hinted earlier this year that the company will undergo a shareholder restructure in the fourth quarter of 2024. The company added that it will start the IPO process at a suitable time when the restructure in shareholders is complete.
Still, Honor did specify which country it would list in. One of the possibility would be in Hong Kong where all the tech giants from China are listed in.
These new investors include China Telecom — one of the major telecommunications operators in the country — CICC Capital, the Chinese venture capital firm Cornerstone, and SDG, a fund linked to a Shenzhen economic zone.
Moreover, Honor recently announced that the next version of its operating system will use AI to mimic actions on a touchscreen, such as opening an app to order coffee delivery. The company also unveiled its new Magic7 series of phones that can utilize these AI features in China.
