From CNBC: 2024-10-30 22:30:59

Chinese smartphone company Honor has released devices that fold up to be nearly as thin as an iPhone. The Huawei spinoff has announced backing from new investors, including China Telecom, CICC Capital, and Cornerstone. Honor plans to start changing its shareholder structure in the fourth quarter of this year to prepare for an IPO.

Honor spun off from Huawei in 2020 after U.S. sanctions. The company announced its IPO plans in November 2023 and has released its new Magic7 series of phones with AI features. Just under one-third of Honor’s sales came from outside China in the first half of this year, according to Counterpoint.

Honor’s new investors include China Telecom, CICC Capital, Cornerstone, and SDG. The company plans to start the IPO process “at a suitable time” after changing its shareholder structure. Honor’s existing partners also made a new investment round through an entity called Jinshi Xingyao.

The next version of Honor’s operating system can use AI to mimic actions on a touchscreen, such as opening an app to order coffee delivery. The company aims to continue expanding its international sales while focusing on innovation and technological advancements in its products.

Read more: Chinese smartphone company Honor gets new investors as it readies IPO