The Honor Magic Vs is on show at Honor’s stand at Cell World Congres in Barcelona. The close to $1,700 machine is Honor’s try and problem Samsung within the foldable smartphone market.
Arjun Kharpal | CNBC
Honor, a spin-off of Chinese language know-how large Huawei, mentioned on Wednesday it’s planning to go public.
“With a purpose to meet new strategic targets, Honor will proceed to optimize its shareholding construction, appeal to diversified capital, and enter into the capital market by way of IPO (preliminary public providing),” the corporate mentioned in an announcement.
Honor didn’t disclose which nation it might checklist in.
The transfer to lift capital within the public markets underscores Honor’s aggressive push within the smartphone market because it seems to mount a critical problem to Apple and Samsung within the high-end market.
Huawei was pressured to promote Honor in 2020 to a consortium of consumers, which included the federal government of Shenzhen, the southern Chinese language metropolis the place the corporate is headquartered. That was after various U.S. sanctions on Huawei crippled its smartphone enterprise by slicing the Chinese language tech champion off from essential applied sciences like software program and semiconductors.
Honor was spun off to avoid wasting the model and permit it to proceed to function. Below Huawei, Honor was a mid-priced model that discovered success in a handful of markets. However the firm needs to push into the premium tier of the smartphone market the place the likes of Apple and Samsung play.
Honor has the biggest market share in China however continues to be a small participant globally because it has but to construct its model. To assist do this, this yr, the corporate launched two costly foldable telephones.
The smartphone maker mentioned it might begin to make preparations for the IPO.
“As the corporate begins the IPO preparation course of, the composition of the Board of Administrators will steadily be adjusted, in accordance with the requirements of a listed firm, to embrace larger variety for assembly the related governance and regulatory necessities,” Honor mentioned.
