Nov 01, 2024 12:27 AM
CHINA
Briefing: Smartphone-Maker Honor’s Latest Fundraising Presages IPO
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Honor secured investment from China Telecom, a fund under Costone Capital, SDG Corp., a fund under China Capital Investment and others in a fundraising round. Photo: VCG
A rundown of the news making headlines in and around China:
Honor fundraising: Honor Device Co. Ltd. has launched a new fundraising round that could pave the way for the smartphone-maker’s IPO. Honor, which was spun off from Huawei Technologies Co Ltd. in November 2020, did not disclose its valuation after the round or how much money it raised. Investors included China Telecom Corp. Ltd., a fund under Costone Capital, SDG Corp. and a fund under China Capital Investment (Group) Co. Ltd. In August, Honor said it was planning to undergo an equity restructuring in advance of a planned IPO. Later that month, it announced it had brought in China Mobile Ltd. as an investor.
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- Honor Device Co. Ltd. plans an IPO after a fundraising round with investors like China Telecom, Costone Capital, and China Mobile, but details remain undisclosed.
- China's government sets renewable energy targets for 2025 and 2030, focusing on boosting consumption and improving power grid capacity.
- Chinese express delivery companies posted profit growth in the third quarter amid regulatory cautions against aggressive pricing, with sector revenue up over 15%.
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Who’s Who
- Honor Device Co. Ltd.
- Honor Device Co. Ltd., previously part of Huawei, launched a new fundraising round to support its planned IPO, although the raised amount and valuation were undisclosed. The fundraising attracted investors such as China Telecom Corp. Ltd., Costone Capital, SDG Corp., and China Capital Investment Group. In August, Honor announced plans for equity restructuring and added China Mobile Ltd. as an investor to prepare for its IPO.
- Huawei Technologies Co Ltd.
- Huawei Technologies Co. Ltd. is the company from which Honor Device Co. Ltd. was spun off in November 2020. Honor is currently in the process of a new fundraising round that could lead to its IPO.
- China Telecom Corp. Ltd.
- China Telecom Corp. Ltd. is one of the investors in Honor Device Co. Ltd.'s new fundraising round. Honor is a smartphone-maker that was spun off from Huawei in 2020. This investment could facilitate Honor's planned IPO.
- Costone Capital
- Costone Capital is a fund mentioned as one of the investors in the recent fundraising round launched by Honor Device Co. Ltd., a smartphone maker that was spun off from Huawei Technologies Co Ltd. in November 2020. Honor's fundraising is part of its preparation for a potential IPO.
- SDG Corp.
- The article mentions SDG Corp. as one of the investors in Honor Device Co. Ltd.'s new fundraising round. However, it does not provide any specific details about SDG Corp. itself, such as its background or other operations.
- China Capital Investment (Group) Co. Ltd.
- China Capital Investment (Group) Co. Ltd. participated as an investor in the recent fundraising round for Honor Device Co. Ltd., a smartphone company spun off from Huawei. This involvement aligns with the company's investment activities, although specific details about their investment in Honor, such as valuation or amount, were not disclosed in the article.
- China Mobile Ltd.
- China Mobile Ltd. became an investor in Honor Device Co. Ltd. as part of Honor's recent fundraising efforts. This move is part of Honor's strategic preparation for a planned IPO.
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What Happened When
- November 2020：
- Honor was spun off from Huawei Technologies Co Ltd.
- July 2024：
- First two Chinese mainland-listed ETFs tracking the Saudi stock market started trading.
- August 2024：
- Honor announced plans for equity restructuring ahead of a planned IPO.
- August 2024：
- State Post Bureau warned companies against engaging in a price war.
- October 2024：
- Increases in China's major purchasing managers indexes (PMIs) signaled a recovery in business activity.
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