Smartphone maker Honor is preparing for an IPO

Chinese smartphone maker Honor is preparing an IPO. The brand, formerly owned by Huawei, is now owned by the government of the Chinese city of Shenzhen.

Honor has started the preparations, reports Bloomberg. For example, it is changing the composition of the board to comply with diversity rules that apply to listed companies in China. Honor was a subsidiary brand of Huawei until 2020, but then fell into the hands of a consortium led by the Shenzhen government. This allowed it to purchase 5G chips from Qualcomm and use services from Google. Honor is the market leader in the Chinese smartphone market.