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, reports the South China Morning Post. 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.