China-based smartphone maker Honor has received an undisclosed amount of investment from China Mobile’s parent company.
Honor is the seventh largest smartphone brand in the world. Honor, according to the latest Omdia report, has shipped 15.5 million smartphones grabbing 5 percent share in the global smartphone market.
In 2Q24, Honor shipped 15.5 million units, a decrease from 1Q24. This marks the fourth consecutive quarter of year-on-year growth for Honor, with a 9.9 percent increase from the 14.1 million shipments in 2Q23.
In the China smartphone market, Honor has shipped 10.6 million smartphones grabbing 16 percent share in Q1 2024, according to the latest Canalys report. Honor is the third largest smartphone maker in the home market. Honor explored its high-profile Magic 6 series with cross-device AI features with its MagicBook Pro 16.
The former Huawei unit is aiming for an initial public offering (IPO). The popular handset maker announced last November it was pursuing an IPO, without disclosing a location or a time frame for the listing.
Honor has received support from Shenzhen government, including funding for research and development and tax breaks, Reuters reported.
China Mobile’s investment aims to leverage synergistic advantages in innovation across personal and home device markets, Honor said in a statement. China Mobile is the largest 5G operator in the largest telecom service provider in world.
Honor has always adhered to the principle of open and transparent development and will continue to diversify its shareholding structure.
The collaboration is set to capitalise on Honor’s product portfolio and China Mobile’s channel resources and user base.
Baburajan Kizhakedath
