Honor aims for an IPO as Huawei spin-off looks to cement position as China’s leading smartphone maker

Honor’s board says it is aiming for an initial public offering to ‘diversify capital’

As the company begins the IPO preparation process, it will make changes to the composition of its board of directors to meet regulations

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China’s top smartphone vendor, Honor, a Huawei Technologies spin-off, aims to go public. Photo: Shutterstock

Published: 7:00pm, 23 Nov 2023Updated: 5:29pm, 24 Nov 2023

Honor, the mobile handset business spun off from Huawei Technologies in 2020, is aiming for an initial public offering (IPO) to “diversify capital” after it grew to become China’s top smartphone vendor in the third quarter.

The Shenzhen-based smartphone maker is looking to “continue to optimise its shareholding structure, attract diversified capital, and enter into the capital market through an IPO,” according to a notice issued by Honor’s board on Wednesday.

No financial details, location or timetable for the planned transaction were released.

As the company begins the IPO preparation process, it will make changes to the composition of its board of directors “to embrace greater diversity for meeting the relevant governance and regulatory requirements”, the notice said.

Honor also confirmed that Wu Hui, a veteran state-owned enterprise executive, will take over as chairman of the board, replacing Wan Biao who will serve as vice-chairman.

The IPO announcement comes after reports that the company brought in Wu, former chairman of the Shenzhen Water and Environment Group, as chairman to speed up the company’s efforts to pursue a public listing.

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