Investing.com | Editor Nikhilesh Pawar
Revealed Nov 22, 2023 12:57PM ET
SHENZHEN – Honor System Co., the electronics agency that spun off from Huawei Applied sciences three years in the past, is now advancing in the direction of an preliminary public providing (IPO) because it goals to restructure its board and diversify funding to compete with business leaders like Apple (NASDAQ:AAPL) and Samsung (KS:005930) within the high-end cell market. The Shenzhen-based firm, supported by the native authorities and BOE Know-how Group Co., is realigning its governance construction to fulfill itemizing rules.
In the present day, Honor introduced its intention to go public, a strategic transfer following the U.S. sanctions in 2020 that severely impacted Huawei’s entry to important applied sciences and led to Honor’s divestiture. Since then, Honor has redirected its focus from the mid-range section to the upscale cell market. Regardless of being a dominant pressure in China’s smartphone business, Honor’s worldwide presence stays restricted. To reinforce its world picture and market share, the corporate just lately launched two premium foldable fashions.
As a part of its IPO preparation, Honor is overhauling its Board of Administrators to make sure variety and adherence to regulatory requirements required for public corporations. The restructuring is a important step within the firm’s technique to safe numerous sources of funding and strengthen its place within the aggressive tech business.
Additional cementing its ambition within the luxurious section, Honor launched its new high-end Magic Vs foldable cellphone on the Cellular World Congress (MWC) in Barcelona with a $1,700 price ticket. This transfer signifies Honor’s dedication to capturing a slice of the premium market dominated by giants like Apple and Samsung. Whereas the corporate didn’t disclose the itemizing venue for its IPO, this improvement marks a big milestone in Honor’s unbiased journey since separating from Huawei.
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Written By: Investing.com
