上海
by Lu Keyan
On December 28, Jiemian News learned that Honor has completed its shareholder restructure, and rebranded as "Honor Terminal Co., Ltd.," marking a key step toward a public listing.
The restructure transitioned Honor into a joint-stock company, a regulatory requirement for public stock offerings under China Securities Regulatory Commission guidelines. It involves changes to the company’s structure and name but does not affect daily operations, positioning Honor for its IPO, with the timeline yet to be disclosed.
Honor has dismissed rumors of a backdoor listing, confirming plans for a traditional initial public offering to compete effectively in the smartphone market.
Since separating from Huawei in 2020, Honor has attracted diverse investors, including state-owned assets, telecom operators, suppliers, and international capital. For example, BOE Group, one of Honor’s screen suppliers, China Telecom, China Mobile, and Smart Interaction1 Holding Spv Rsc Ltd, a foreign-funded enterprise with a Middle Eastern background, have all invested in Honor. This distinctive equity structure reflects Honor’s independent origins and growth trajectory.
Honor’s valuation is estimated at 200 billion yuan in pre-IPO financing, with rumors suggesting a valuation as high as 300 billion yuan. The company plans to submit listing materials for the Growth Enterprise Market in 2024.
Honor’s market position is bolstered by strong performance in China’s domestic smartphone market. Canalys, a tech market analyst firm, reported a 4 percent year-on-year increase in third-quarter 2024 shipments, totaling 69.1 million units, with Honor ranking third behind Vivo and Huawei, followed by Xiaomi and Apple.
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