Chinese smartphone maker Honor has announced an investment from China Mobile’s parent company as it prepares for an initial public offering (IPO). The investment amount remains undisclosed. Formerly a unit of Huawei, Honor revealed its IPO plans last November but did not specify the listing location or timeline.
Earlier reports indicated that Honor has been receiving significant support from the Shenzhen government in southern China, including financial backing for research and development, as well as tax incentives. This investment from China Mobile aligns with the companies’ goal to enhance “synergistic advantages” in innovation, particularly within the personal and home device sectors, according to Honor’s statement.
Honor emphasized its commitment to “open and transparent development” and its intention to continue diversifying its shareholding structure. The partnership aims to utilize Honor’s product offerings alongside China Mobile’s extensive channel resources and user base. Both companies stated that this collaboration would leverage their strengths to deliver enhanced and innovative experiences to consumers.
Featured Image courtesy of Nikkei Asia
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