Chinese smartphone maker Honor announces new investors (updated)

China Telecom

31/10/2024 03:42

(Adds detail, background from paragraph 3)
    By David Kirton
       SHENZHEN, China, Oct 31 (Reuters) - Chinese smartphone
maker Honor announced on Thursday new investors that included
China Telecom and a unit of CICC Capital Corp, almost a year
after it said it was planning an initial public offering (IPO).
    Honor, a former unit of Huawei Technologies  HWT.UL , did
not disclose the amount of the investment.
    Other backers include China's Cornerstone, the Shenzhen city
government's SDG Group, and Jinshi Xingyao, an investment
platform for Honor's channel partners, Honor said.    
    The smartphone maker said last November it was pursuing an
IPO, without disclosing a location or a timeframe for the
listing.
    Honor was mainland China's third best-selling smartphone
maker in the third quarter with 10.3 million shipments and a 15%
market share, behind Vivo and Huawei, according to data from
research firm Canalys.
    Honor obtained an undisclosed amount of investment from
China Mobile in August.
    That same month, Reuters reported that the company had
received an unusually high level of support from the government
in its hometown Shenzhen, including funding for research and
development as well as tax breaks.

 (Reporting by David Kirton
Editing by Shri Navaratnam and Nicholas Yong)
 ((David.Kirton@thomsonreuters.com;))