(Yicai) Dec. 30 -- Honor Terminal Device will seek an initial public offering at an appropriate juncture, The Paper cited sources close to the matter as saying, after the phone maker spun off from Huawei Technologies four years ago revealed that it had completed the process of bringing onboard new investors.

Honor has been actively working to diversify its equity structure. Yicai reported on Oct. 31 that it planned to bring in new investors such as China Telecom, China International Capital Corporation, and funds managed by CoStone Capital and Shenzhen Special Economic Zone Development Group.

Honor announced on Dec. 28 that the Shenzhen-based company had concluded the equity restructuring and changed its name to Honor Device Co., Ltd. as a joint-stock company.

Founded by Chinese tech giant Huawei in 2013, Honor mainly targets the youth market with cost-effective handsets and related products. Huawei sold the entire business to Shenzhen Zhixin New Information Technology, which is controlled by the Shenzhen state-owned assets manager, in November 2020 for CNY100 billion (USD13.7 billion) after being sanctioned by the US government.

Honor has introduced new investors in several rounds since then. According to corporate information platform Tianyancha, it has 23 shareholders, including Zhixin New Information, the Shenzhen State-owned Assets Collaborative Development Private Fund Partnership, Guosen Capital, BOE Technology Group, China Mobile, and China Telecom. It has registered capital of CNY32.2 billion (USD4.4 billion).

Editor: Futura Costaglione