The Rise of Honor: Achievements and Plans for an IPO

Image source: Tech Spot

Honor, a smartphone brand formerly owned by Huawei Technologies, is preparing for an initial public offering (IPO). This would mark a major step for the smartphone brand after being sold.

For context, Huawei sold Honor three years ago. The decision was the aftermath of US restrictions. For those unaware, the US sanctions restricted access to advanced technologies that are pivotal for Huawei’s smartphone business. These restrictions came after Huawei was flagged as a security threat, which the brand repeatedly denied.

Nonetheless, Honor has shared with us some information regarding all the milestones the brand has recently achieved. Moreover, we have information on how the brand is preparing for IPO.

More Information On Honor’s Progress On Going IPO

After being sold in November 2020, Honor has achieved rapid and strategic business growth. The brand’s Corporate governance and management have seen continued improvement throughout these past three years. These developments allowed the brand to enjoy an elevated market position. Also, these allowed the brand to be very competitive in the industry.

Honor will continually optimize its shareholding structure to meet new strategic goals. It also aims to attract diversified capital and make a debut in the capital market by IPO. And as the brand begins the IPO process, the Board of Directors will gradually get adjusted.

Honor Magic Vs2 - China smartphone market

These adjustments will make Honor comply with the standards of a listed company. This will open up the doors for greater diversity within the board. That will also allow the brand to meet relevant governance and regulatory requirements.

As for now, Mr. Wu Hui will be serving as the director and the Chairman of the Board. Mr. Wan Biao will be serving as the Vice Chairman of the Board. Honor made these decisions based on the election by the Board of Directors and Shareholders’ Meeting of the company.

Some of the Recent Achievements of Honor

Honor is preparing to celebrate its 3rd year anniversary as an independent brand. Alongside that, it will also be celebrating some of its recent achievements. That includes:

The Only Brand Among the Top Five to Grow YoY in Europe

According to a recent report by Counterpoint Research, European smartphone shipments have declined by 11% YoY in Q3 of 2023. Here’s a breakdown of the top five brands:

Gizchina News of the week

In other words, Honor was the only brand among the top five to grow YoY in Q3 2023. This is a major milestone for the brand. As Research Analyst Harshit Rastogi says, “Q3 2023 saw the lowest Q3 smartphone shipments since 2021.” The analyst also said the brand is doing well in such a condition.

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As for the other brands that didn’t make it to the top 5 list, they saw a total of 8% decline in shipments. You can get an overall idea of the report from the image attached below.

Counterpoint research report

The No.1 Brand In Foldable Market and Overall Share In China

According to a report from IDC Corporate based on Q3 2023, Honor is the number 1 smartphone brand in China. It currently has a 19.3% market share, while in last year’s Q3, it had 17.8%. This means the brand saw a 1.8% YoY growth. Here’s information on the other four brands that are in the top 5 spots:

  • Oppo currently has a 16.2% market share with a 10.5% decline in growth
  • Apple currently has a 16.0% market share with a 4.0% decline in growth
  • Vivo currently has a 15.7% market share with a 25.7% decline in growth
  • Xiaomi currently has a 13.5% market share with a 0.1% increase in growth

So, it’s not just in the European region where Honor is excelling. The brand also doing well in its birthplace. Also, the smartphone brand is number 1 in the foldable phone market in the region.

In terms of the other brands that didn’t make it to the top 5 list, they together have a 19.2% share now. To compare, last year, they had a 17.1% share. This equates to a total of 5.1% growth. You can get an overall idea of the report from the picture attached below.

China Smartphone market share report

IDC adds that this marks the return of Honor to the top spot after more than a year. The corporation notes that the three new foldables have enhanced the brand’s position in the high-end market. And by high-end market, IDC means the US$600 and above range.

Honor V Purse

Overseas Growth

This year, Honor has achieved about 200% sales growth in the overseas market. This indicates that the brand is currently in a much better position. And with the recent developments, the brand aims to keep the progress going. We will keep you updated on its progress on IPO when more information is available.

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