Chinese smartphone manufacturer Honor, a spinoff of Huawei, has revealed plans to go public in a bid to raise capital and optimize its shareholding structure.

The company, which aims to compete with industry giants Apple and Samsung in the high-end market, did not disclose the specific country for its listing.

Huawei was compelled to sell Honor in 2020 due to U.S. sanctions, and the move allowed Honor to operate independently.

With the largest market share in China, Honor seeks to expand globally by entering the premium smartphone market.

The company has initiated preparations for the IPO, emphasizing adjustments to its Board of Directors for compliance with listing standards and regulatory requirements.

“As the company starts the IPO preparation process, the composition of the Board of Directors will gradually be adjusted, per the standards of a listed company, to embrace greater diversity for meeting the relevant governance and regulatory requirements,” Honor noted.

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