Chinese language smartphone maker Honor mentioned on Friday it has acquired an undisclosed quantity of funding from China Cellular’s mum or dad firm, as the previous Huawei unit gears up in direction of an preliminary public providing (IPO).
Honor has been receiving an “unusually” excessive degree of assist from southern China’s Shenzhen authorities, together with funding for analysis and improvement and tax breaks, Reuters reported earlier in August.
The handset maker introduced final November it was pursuing an IPO, with out disclosing a location or a time-frame for the itemizing.
China Cellular’s funding goals to leverage “synergistic benefits” in innovation throughout private and residential machine markets, Honor mentioned in an announcement.
“Honor has at all times adhered to the precept of open and clear improvement and can proceed to diversify its shareholding construction,” it added.
The collaboration is about to capitalise on Honor’s product portfolio and China Cellular’s channel sources and consumer base, it mentioned.
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“By way of this cooperation, each events will give full play to their respective benefits and collectively present customers with a greater and extra revolutionary expertise.”