Chinese smartphone maker Honor gets investment from China Mobile

China Mobile

23/08/2024 15:39

BEIJING, Aug 23 (Reuters) - Chinese smartphone maker
Honor said on Friday it has received an undisclosed amount of
investment from China Mobile's  0941.HK  parent company, as the
former Huawei  HWT.UL  unit gears up towards an initial public
offering (IPO).
    Honor has been receiving an "unusually" high level of
support from southern China's Shenzhen government, including
funding for research and development and tax breaks, Reuters
reported earlier in August.
    The handset maker announced last November it was pursuing an
IPO, without disclosing a location or a time frame for the
listing.
    China Mobile's investment aims to leverage "synergistic
advantages" in innovation across personal and home device
markets, Honor said in a statement.
    "Honor has always adhered to the principle of open and
transparent development and will continue to diversify its
shareholding structure," it added.     
    The collaboration is set to capitalise on Honor's product
portfolio and China Mobile's channel resources and user base, it
said.
    "Through this cooperation, both parties will give full play
to their respective advantages and jointly provide consumers
with a better and more innovative experience."

 (Reporting by Ethan Wang, Ella Cao and David Kirton; editing by
David Evans)
 ((Ethan.Wang@thomsonreuters.com;))