China's Honor gets "unusually" strong state backing as it readies IPO
The Hindu
Chinese smartphone maker Honor receives unprecedented government support ahead of IPO, boosting investor appeal and market debut prospects.
Chinese smartphone maker Honor is receiving an “unusually” high level of support from local government backers, as the former Huawei unit prepares an initial public offering (IPO), according to policy documents and a person close to the matter.
Honor is receiving research-and-development funding, tax breaks and support to expand overseas, three Shenzhen government documents showed. It is also benefiting from a dedicated team at its local city hall with a “no matter left overnight” policy.
The extra hand is likely to improve Honor’s investor appeal as it readies for a financial market debut which, if successful, could give Shenzhen city a way to exit its investment.
Honor was thought to be worth about 100 billion yuan when a consortium under Shenzhen-owned entities bought it from Huawei in 2020, Reuters reported at the time. The handset maker has declined to disclose any IPO details such as how much it reckons it is worth now.
It is looking to list on China’s A-share market where it expects a higher valuation, said two of the people. It could list this year or early next, one of them said.
Honor said it has not received any Shenzhen government support beyond that ordinarily provided to firms since Jan. 1, 2021. It also said it would begin shareholding reform in the fourth quarter and initiate the IPO process at a suitable time.
Honor aims to ship 100 million handsets annually by 2026, a 75% jump from 2023, and to become a top three global vendor by 2028, one of the policy documents showed.
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