Handset Maker Honor Preparing For An IPO: Report

In the third quarter, Honor led in handset shipments in China, selling 11.8 million units.

Honor, the Chinese mobile phone manufacturer, is gearing up for an initial public offering.

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Honor, the Chinese mobile phone manufacturer, is gearing up for an initial public offering (IPO), says a report by state-owned Securities Times on Wednesday. The report did not specify a timeframe for the IPO. Formerly a unit of Huawei Technologies, handset maker Honor was sold in November 2020 by Huawei, in an effort to sustain its operations following US sanctions that restricted its access to vital technology.

“In order to meet new strategic goals, Honor will continue to optimize its shareholding structure, attract diversified capital, and enter into the capital market through IPO (initial public offering),” the company said in a statement, as per a report by CNBC.

Seeking capital through a public market initiative highlights the company's big step in the smartphone market, aiming to pose a substantial challenge to Apple and Samsung in the high-end handset market, the report added.

In the third quarter, Honor led in handset shipments in China, selling 11.8 million units, making it the second-largest seller last year, according to market research firm Canalys. Additionally, in the third quarter, Counterpoint Research reported that Honor was the fifth-largest brand by sales in Europe, approaching sales levels observed before its separation from Huawei.

Meanwhile, making a comeback in India, Honor unveiled the Honor 90 smartphone after a three-year hiatus in September. This return follows a period of increased scrutiny on top Chinese smartphone brands due to geopolitical tensions. The Honor 90 is a mid-range device featuring a 6.7-inch OLED display with curved edges, powered by a Snapdragon 7 Gen 1 chipset, and equipped with an impressive 200MP main camera.

The standout feature of the phone is in its display, curved on all four sides, producing a floating effect and enhancing the overall viewing experience. This display boasts a 1.5K resolution and incorporates 3840Hz PWM Dimming technology. Honor emphasized the significance of PWM dimming tech during the event, highlighting its eye-friendly attributes as it substantially reduces flickering compared to displays on other smartphones.