Chinese smartphone company Honor has released a device that folds up to be almost as thin as an iPhone.
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BEIJING — Chinese smartphone company Honor on Thursday announced support from new investors as the Huawei spin-off prepares for an initial public offering.
New backers include: China Telecom, one of China’s major telecom players, CICC Capital, China Venture Capital Corporation Cornerstone, and Shenzhen Economic Zone-related fund SDG. Honor said its existing partners also made a new round of investment through an entity called “Jinshi Xingyao”.
Honor said earlier this year that it plans to start changing its shareholder structure in the fourth quarter and then launch the IPO process “at an appropriate time.”
The company has not yet revealed where it will be listed. Honor announced its IPO plan in November 2023.
Honor was spun off from Chinese telecom giant Huawei in November 2020 after the parent company was sanctioned by the United States. Huawei stated that it does not hold any Honor shares or participate in business decisions.
Last week, Honor revealed that the next version of its operating system could use artificial intelligence to mimic operations on a touch screen, such as opening an app to order coffee delivery. The company launched its new Magic 7 series of phones in China on Wednesday that can use artificial intelligence capabilities.
In the first half of this year, less than a third of Honor’s sales came from outside China, according to Counterpoint.
—CNBC’s Arjun Kharpal contributed to this report.
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