Honor, which separated from Huawei in 2020, is planning to go public (IPO) to diversify its funding after turning into China’s main smartphone vendor in Q3.
On Wednesday, Honor’s board issued a discover that the Shenzhen-based smartphone producer is planning to optimise its shareholding construction, appeal to various capital, and enter the capital market by way of an IPO.Nevertheless, there are not any particulars offered in regards to the monetary specifics, location, or timetable of the proposed transaction.
As the corporate prepares to go public, it can additionally make adjustments to its board of administrators to make sure compliance with governance and regulatory necessities, in response to the discover. The board will likely be restructured to embrace higher variety.
The smartphone producer has introduced that Wu Hui would be the new chairman of its board, changing Wan Biao who will now function the vice-chairman. Experiences counsel that Honor introduced Wu, previously the chairman of the Shenzhen Water and Surroundings Group, on board to hurry up the corporate’s efforts to pursue a public itemizing.
Based on analysts, Honor’s rise to the highest of the Chinese language smartphone vendor rankings might be attributed to its various portfolio of handsets, growth of brick-and-mortar retail areas by way of companions, and the launch of latest fashions at aggressive costs.
This month, Honor regained the highest spot in mainland China’s smartphone vendor rating final quarter, with a market share of 18% and complete shipments of 11.8 million items, in response to information from the analysis agency Canalys.
Honor was the one model among the many high 5 to attain development, with an 8% improve within the European market yr on yr, as per a report by Counterpoint Analysis this week.
Honor, which slowed down its efforts within the Indian market final yr, not too long ago partnered with HonorTech, an wholly Indian entity, led by ex-Realme CEO Madhav Sheth, to convey new merchandise within the Indian market. Earlier this yr, HonorTech launched the Honor 90 smartphone within the Indian market.
Huawei’s sub model helped it surpass Apple and Samsung in China, with its price range choices. However because of US commerce restrictions, Huawei bought Honor to a consortium of 30+ brokers and sellers to keep away from sanctions. The consortium, Shenzhen Zhixin New Info Expertise, was based by Shenzhen Good Metropolis Expertise Growth Group with state-owned funding companies as its principal shareholders.
On Wednesday, Honor’s board issued a discover that the Shenzhen-based smartphone producer is planning to optimise its shareholding construction, appeal to various capital, and enter the capital market by way of an IPO.Nevertheless, there are not any particulars offered in regards to the monetary specifics, location, or timetable of the proposed transaction.
As the corporate prepares to go public, it can additionally make adjustments to its board of administrators to make sure compliance with governance and regulatory necessities, in response to the discover. The board will likely be restructured to embrace higher variety.
The smartphone producer has introduced that Wu Hui would be the new chairman of its board, changing Wan Biao who will now function the vice-chairman. Experiences counsel that Honor introduced Wu, previously the chairman of the Shenzhen Water and Surroundings Group, on board to hurry up the corporate’s efforts to pursue a public itemizing.
Based on analysts, Honor’s rise to the highest of the Chinese language smartphone vendor rankings might be attributed to its various portfolio of handsets, growth of brick-and-mortar retail areas by way of companions, and the launch of latest fashions at aggressive costs.
This month, Honor regained the highest spot in mainland China’s smartphone vendor rating final quarter, with a market share of 18% and complete shipments of 11.8 million items, in response to information from the analysis agency Canalys.
Honor was the one model among the many high 5 to attain development, with an 8% improve within the European market yr on yr, as per a report by Counterpoint Analysis this week.
Honor, which slowed down its efforts within the Indian market final yr, not too long ago partnered with HonorTech, an wholly Indian entity, led by ex-Realme CEO Madhav Sheth, to convey new merchandise within the Indian market. Earlier this yr, HonorTech launched the Honor 90 smartphone within the Indian market.
Huawei’s sub model helped it surpass Apple and Samsung in China, with its price range choices. However because of US commerce restrictions, Huawei bought Honor to a consortium of 30+ brokers and sellers to keep away from sanctions. The consortium, Shenzhen Zhixin New Info Expertise, was based by Shenzhen Good Metropolis Expertise Growth Group with state-owned funding companies as its principal shareholders.
