Top Chinese smartphone manufacturer during the third-quarter is planning an IPO
In November 2020, just as the U.S. sanctions on Huawei were beginning to bite, the company sold off its Honor sub-unit to a consortium for an estimated $15.2 billion. Huawei did this for a couple of reasons. It raised much-needed cash that it needed at the time considering the impact of the U.S. sanctions, and by divorcing itself from Honor, the latter brand was no longer bound by the same U.S. sanctions as Huawei.
A year after escaping Huawei, by August 2021, Honor was the third-largest smartphone brand in China. Last year, Honor was the number two smartphone brand for all of China and during this year's most recent report covering the third quarter, Honor was the top brand in the country with 11.8 million units sold. In Europe, Honor was the fifth most popular smartphone brand during the third quarter.
The second iteration of the Honor Magic V2 book-style foldable
Now, Honor is planning on going public according to Reuters. Honor didn't give a time frame for when it might have its initial public offer (IPO) or even name which market the company's shares would be listed on. In a statement, the company said that its position in the marketplace had improved over the last three years and that a public offering would be the next step in the development of the company.
Honor already offers a book-style foldable and the Honor Magic V2 is the second generation of the device. The company will reportedly be offering a clamshell flip-style foldable sometime in 2024.
Honor, located in Shenzhen, said that it seeks to "continue to optimize its shareholding structure, attract diversified capital, and enter into the capital market through an IPO." It also will make changes to its Board of Directors "to embrace greater diversity for meeting the relevant governance and regulatory requirements."
Honor's leading 18% share of the Chinese smartphone market in the third quarter was followed by Oppo, Apple, and Vivo, all three with 16% of the smartphone market in China. Xiaomi was next with 14%.
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