Chinese smartphone company Honor has released devices that are almost as thin as an iPhone when folded.
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BEIJING – Chinese smartphone company Honor announced the backing of new investors on Thursday as its Huawei spin-off prepares for an initial public offering.
The new backers are: China Telecom – one of the largest telecommunications companies in the country – CICC Capital, Chinese venture capital firm Cornerstone and SDG, a fund linked to an economic zone in Shenzhen. Honor said its existing partners have also raised a new investment round through an entity called Jinshi Xingyao.
Honor said earlier this year that it planned to start changing its shareholder structure in the fourth quarter, after which it would begin the IPO process “at an appropriate time.”
The company has not said where it will be on the list. Honor announced its IPO plans in November 2023.
Honor spun off from Chinese telecommunications giant Huawei in November 2020 after its parent company was hit by US sanctions. Huawei said it has no assets shares in honor or involved in business decisions.
Last week, Honor revealed that the next version of its operating system can use AI to mimic actions on a touchscreen, such as opening an app to order coffee delivery. The company on Wednesday launched its new Magic7 series phones that can use the AI features in China.
According to Counterpoint, just under a third of Honor’s sales in the first half of this year came from outside China.
– CNBC’s Arjun Kharpal contributed to this report.