(Yicai Global) Sept. 23 -- Chinese smartphone maker Honor, which Huawei Technologies sold under pressure last year, more than tripled its share of China’s handset market in the first eight months of this year, according to its chief executive officer.

Honor’s share of the domestic market jumped to 16.2 percent in August from 5.1 percent in January, Zhao Ming said at a technology launch event yesterday evening, and total sales of its Honor Magic 3 hit third place in the CNY4,000 to CNY8,000 (USD620 to USD1,240) price range.

Shenzhen-based Huawei sold Honor last November to a new firm set up by the southern Chinese city’s state-owned enterprises manager and more than 30 agents and distributors to free it from US export sanctions that were crushing the telecom giant’s supply chain. After being sold, the budget phone maker faced difficulties, with its market share hitting bottom this January. It had a 16.7 percent share in June last year, according to data from Counterpoint.

Apple is Honor’s biggest competitor in the high-end market, Zhao told Yicai Global, adding that Chinese brands need to make important breakthroughs in the high-end market to become global technology firms. Apple’s price cut on the iPhone13 series will lead to changes in the mid- and high-end markets, he said.

Domestic brands usually account for no more than 10 percent of the high-end market, Zhao said, adding that Android-powered phones will reach their “harvest point” in the second half of the year. Earlier technological investments will show results and the products will gradually emerge.

Honor employs 10,000 and will keep the balance of researchers at between 50 percent and 60 percent, Zhao said. It will also continue to upgrade the Magic series every year, launching formidable smartphones, he added.

Editor: Futura Costaglione