Huawei smartphone spin-off Honor said to appoint new chairman as part of preparations for a potential IPO
- The former chairman of the Shenzhen Water and Environment Group, Wu Hui, is expected to take over as chairman at Honor, which he joined last month
- Honor is bringing in Wu as part of efforts to pursue a public listing, according to a report by Jiemian News, which cited anonymous sources
The former chairman of the Shenzhen Water and Environment Group, Wu Hui, is expected to take over as chairman at Honor, which he joined last month, according to a report on Monday by Jiemian News. The Chinese digital media outlet later deleted this report.
Honor did not immediately respond to a request for comment on Tuesday.
If confirmed, Honor’s plan to go public would buttress the company’s ascent to the top of China’s smartphone vendor rankings, which analysts have attributed to its diverse portfolio of handsets, bricks-and-mortar retail expansion through partners, and release of competitively-priced new models.
Honor reclaimed the top smartphone vendor spot in mainland China last quarter with an 18 per cent market share and total shipments of 11.8 million units, according to data from research firm Canalys. That comes more than a year since Honor last led the market in the first quarter of 2022, with a 20 per cent share and total shipments of 15 million.
Globally, Honor shipments have grown across markets in Europe, the Middle East and Latin America, according to Counterpoint Research.